Friday, July 22, 2016
Friday, July 22, 2016 Morning Comments by Michael Blyte
Good morning. More of the same, light calendar & low Globex volume. European markets not holding a strong bid this morning. Yesterday afternoons price action was somewhat interesting but with no real follow through in the last hour or overnight, it seems to be just orderly action at this point, mere noise.
Downside prices: 2157 (**) for initial support this morning, followed by 2153 (*). Bulls cannot afford to lose the 2153 spot or I’d expect to see at least see a move back to last weeks 2146 (**) spot.
Upside, the 2163 (*) is pivotal early for bulls to cross then first target is 2170 (**) then 2175 (**).
All the best;
Michael Blythe
Futures Strategist
Hamzei Analytics, LLC
Thursday, July 21, 2016
Wednesday, July 20, 2016
Wednesday, July 20, 2016 #PreMarket Comments by Michael Blythe
Good morning. Bears couldn’t convert a tired market into sell momentum, now the Globex buyers come in once more to push the index near the highs. Today, the light calendar continues and volume is low, just over 150K at 7:25 CSt.
Prices to the downside begin with 2162 (**) if bulls can convert this prior resistance to support on a retest then they will have their base for higher prices. Below that 2157 (*) 2153 (*) and 2150 (*) would be next areas to slow down sellers.
Upside prices begin with last weeks 2168 (**) area Globex high which is just above this mornings high. Followed by 2175 (*) and 2178 (**) where I would expect gains to be limited to today.
Yesterday I said the trade would be orderly, I’m not sure if that’s what I mean. I think today will again be orderly and quiet with the best trade likely a buy off the 2162 area. It’s less complicated to fade the ranges day’s like today if they can be identified after the first hour.
All the best;
Michael Blythe
Futures Strategist
Hamzei Analytics, LLC
