#PreMarket Thoughts and #ES_F Levels for Tuesday, June 23, 2015
ESU5 is balanced while above
2112s and likely just in wait mode
while waiting on a Greece deal (or not) headline. This means high odds of
another scripted and boring RTH session until a Greece deal headline and/or
rumor hits the wire which also means to expect nothing more than the same
day/every day morning move (up or down) followed by several hours of low energy
chop & grind before a late day or last hour bullish move.
Seems
week after week the US stock market gets more boring as each week goes by; this
is because there is absolutely zero fear and without fear the slow, low volume,
low energy grind to new ATHs will
continue until the central bank/currency war bubble burst.
For
today if ESU5 gets below 2112 during RTH the threshold that
needs to hold for the usual scripted market to continue is 2106s-2103s zone. As long as above 2103 the bulls are in no danger of not reaching new ATHs this week; if so 2125s/26s will be the first upside
target for today then 2132s.
It
is very doubtful to see below 2103 before
a Greece headline but if below 2103
either pre or post a Greece headline/rumor the final for the bulls to defend
today is 2092s-2088s zone.
Ethan Premock
Futures & Options Strategist
Hamzei Analytics, LLC