Monday, June 27, 2016
Monday, June, 27, 2016 #PreMarket Comments by Michael Blythe
Good morning. The inability of the ESU6 to hold above the
halfway point (2059.25) of Friday’s Globex range followed by a close Friday
below the cash open, places me in the sell rallies camp heading into this week.
Bears need a break of the 1999 low from Friday while bulls needs a clear bounce
from that area (RTH would be most meaningful).
Volume is about to hit 500K by 7:30 am CST and it looks like
today’s action will not be small. Given this, I prefer to focus on some wider
price objectives rather than micro intraday. With that said my early risk
marker will be the 2005 (*) Globex VPOC. From the intraday prospective, I will
lean to an early buy above or early sell below that price.
To the downside, the 1999 (**) price has barely held overnight
and has to be seen as the clear defining mark for early price action IMHO.
Below that should open the door for a 10 handle move to the 1990 (**) area
which was the March low (ESM6), and then the 1971 (***) price which is the
March low (ESU6) and roughly marks a 150 handle retracement from last week’s Globex
highs.
Upside prices, 2017 (**) high from this mornings Euro session,
followed by 2023 (***) globex high, and 2045 (*) and 2060 (***).
Michael Blythe
Futures Strategist
Hamzei Analytics, LLC
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