Tuesday, August 2, 2016

Tuesday, August 2, 2016 Morning Comments by Michael Blythe

Tuesday, August 2, 2016 Morning Comments by Michael BlytheSocialTwist Tell-a-Friend


Good morning. Overnight, price action looks somewhat similar to Monday with a bid early in the Asian session followed by selling during the Euro frame. The ESU back in last weeks range as 2160-2155 looks again as support with 2170 as resistance.

The calendar today is slow, and the attention grabber this week is NFP. Best case for bulls is a decisive successful retest of last week’s low area followed by a strong bid pushing the Sep mini to new contract high prints in the cash session. Bears need selling to follow through on today’s open, and to make sure the mid morning bounce is weak and push lower into the close, converting the former 2155 area support into resistance.

I doubt either side will get what they are looking for, futhermore I doubt that even a break of 2155 or 2175 will be much to be excited about. I go into today’s open unbiased and opportunist driven.

Downside prices: 2157 (*) Globex low area ought to represent a fair pivot early, followed by the 2153 (**) area that bulls must hold. If 2153 is converted to intraday resistance then target becomes 2146 (***) where I do expect bulls to hold first touch.

Higher prices: 2167 (**) will be a real test for any rally on the open and above that 2171 (**) will given more resistance. I’m not expecting price to break that area but if so then attention will turn to the 2178 area.
 

All the best;
Michael Blythe
Futures Strategist
Hamzei Analytics, LLC

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