Tuesday, August 9, 2016

Tuesday, August 9, 2016 #PreMarket #ES_F Comments by Michael Blythe

Tuesday, August 9, 2016 #PreMarket #ES_F Comments by Michael BlytheSocialTwist Tell-a-Friend

Yesterday may have been the slowest day of the year when considering volume and cash hours range and given the light calendar again today, along with weak Globex volume and narrow overnight trade, today may challenge yesterday’s uneventfulness.

At this point, bulls are doing what is necessary, converting the prior ceiling area of 2170-2172 to a floor.

Downside levels. Support area begins with 2176 (*) through 2173 (*), I see an alternative support zone at 2172 – 2168 below this targets 2162 (*)

Higher levels: Above 2178 targets 2180 – 2181 (*) where initial resistance is, then 2183 (*). If above 2183 then target is 2185 (*).

Michael Blythe
Futures Strategist
Hamzei Analytics, LLC

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