Wednesday, July 6, 2016

Wednesday, July 6, 2016 #PreMarket Comments by Michael Blythe

Wednesday, July 6, 2016 #PreMarket Comments by Michael BlytheSocialTwist Tell-a-Friend



Good morning. Interesting price action overnight and and a busy calendar today should give the ESU6 ample trading opportunit. On a larger frame, I am becoming less inclined to be in dip buying mode as a bias, and just trade as an opportunist this week.

Prices to the downside start with 2069.00 (*) which is an important early risk marker, followed by the 2067.00 (*)  Globex low area. I want to be short beneath the 2067.00 level and look for 2063 (**) as a minimum target and then 2057 (***) as a last line of defense for bulls before price action could turn ugly.

To the upside, 2075 (*) should offer some fair initial resistance followed by 2080 (***) which will be vital for bears to defend or bulls to break. Next is 2084 (**) and if bears lose this then I expect for 2100 to trade again.


All the best;

Michael Blythe
Futures Strategist 
Hamzei Analytics, LLC

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