Friday, June 10, 2016 S&P 500 Futures #PreMarket Comments by Michael Blythe @FairValueTrader
Another weak session overseas caught up with the S&P as the ESU6 pushed to the 2091 area from Monday afternoon’s low. Today, there will still be considerable roll volume and a light economic calendar, and as been the recent case, the globex range will likely be broader than the RTH range.
For me, Friday’s are the least engaging day of the week, my statistics also show it as the most difficult day to counter trend trade intraday.
Therefore, I will be watching the 8:30 opening print and lean toward buying intraday dips above the open, and selling rallies below the open. The one exception could be if the contract opens weaker, I will look for a first hour low to buy.
Upside levels are the 2092-2094 (*) range where price consolidated late this morning followed by the 2098-2100 (***) area offers very heavy resistance, first touch of this area creates a good opportunity to short. Above that 2106 (**) would likely find price exhausted and offer solid resistance.
To the downside, 2087 (*) is first area of support followed by 2084 (*) and last Friday’s post NFP low of 2074 (**). If price managed to reach that 2074 area, it would likely show some exhaustion and dip buyers would pile in infront of next week expiration week which is statistically bullish.
