Options Rollover Day

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Volume shifts from the June 2012 to September 2012 futures option contracts today with a difference of –6.5 points from ESM12 (June) to ESU12 (September).

All previous chart numbers have been adjusted to reflect the new contract pricing—so, for example, the bull/bear line from the June contract at 1262 is now 1255.50 on the September contract, and so forth.

The short-term trading range is 1255.50 to 1327.75.  As I explained yesterday, nothing changes in the macro perspective until/unless a prior structural pivot is broken.  My assessment of the character of the market has been an intermediate pullback in the context of a long-term bull market –and we are seeing the expected bounce here from long-term primary trend support at the bottom of the bearish trend channel (pointed out in my June 4th post) back to test the area of descending intermediate resistance.

All eyes are on 1327.75 (September contract), and the bear stops located just above.

…my .02

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