Emini S&P 500 futures premarket analysis
|Emini S&P futures at the time of this writing is virtually flat after having pulled back from the ON high of 4248.25. Futures opened at 4237.50 yesterday after the post-settlement close and price is hovering right around that area having clocked a low of 4231 which is also just above the Fib halfback which is now at 4227. ON participation remains thin through the European open and as it has been customary in the past few days, European participation always goes net short on a futures gap up. Buyers however outnumber Sellers since the futures open at 6 pm yesterday into about 7:15 am today. With the stall in the overnight session at 4248.25, we now have value virtually unchanged a little past 8 am in the morning and futures are flat and therefore at this time there is no gap to talk about.
Possible scenarios and outline for trade positioning
-
For those banking on a continuation higher today, the best point of entry would be in a broader range between 4214.25 and 4225.75 and this is due to the fact that the ON move higher, stalled.
-
Shorts pushing price lower from the ON high to the few hours past the European open could attempt to push things lower in a profit-taking move which would place resistance above 4244.50 therefore if we see resistance at that price point into the open, expect at least 4226.50 area to be the lower target and this will need to occur early in the session.
-
Into the 9 am timeframe, if we remain flat, it would be likely that we see a grind higher today versus a move lower with ON participation skewed to the long side more than shorts.
Key levels to factor for the intraday price movement
TPO chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.