Monday, July 18, 2016 #PreMarket Comments by Michael Blythe
Good morning. The trend of stronger globex sessions continued overnight, however Friday showed another cash hours net loss for the ESU6 and going into this mornings open, it feels like jump ball between buyers n sellers. The overall trend remains a buyers market, and with the light calendar this week I would think that volume will continue to inch lower as the trade starts to look more and more like summer.
Downside prices begin with 2157 (*) which is my early pivot on the open then 2154 (**) that I believe bulls must defend intraday, below that I see room for the market to travel back to the 2146 (***) spot with that becoming the price marker for the week that bull must defend.
To the upside, 2163 (**) will likely offer some intraday resistance followed by 2167 (**) then 2171 (*) where I would expect for price to achieve its highest potential on the day.
All the best;
Michael Blythe
Futures Strategist
Hamzei Analytics, LLC
