Premarket summary for the Emini S&P

25
Jun

Premarket summary for the Emini S&P

In the overnight price action, at almost each TPO, sellers appear to be out numbering buyers from the move which commenced of the 6 pm open yesterday. Only the ON low prints between about 4253 and 4256 generated more buying volume compared to the selling from a view of the TPO chart. Oddly enough, the Nasdaq futures are a bit sluggish today while the “risk-on” index the Russell continues to tick higher. We would advise caution to long traders as Friday could involve some profit taking.

Possible scenarios and outline for trade positioning

Support this morning is between 4247.25 and 4253.50. Expect buyers to be pushing for some continuance and tag at least 4269.25 on this push higher into the open..
Short focused traders should look at the tech heavy Nasdaq; weakness in this index could cause a shift in momentum overall for the markets.
We could remain range bound today in about a 20-point range from 4249 to 4269.

Key Levels to factor for the intraday price movement.