Mid Week Update

Markets are still in 'hangover mode' with a US$ strenghtening. The target range given yesterday [1.381-1.384] is still valid. There is some support on 1.391 in the short term, but the € could even hit 1.3672 within a week.

ER: You will notice i was spot on yesterday. Slight upper bias could take ER unconvincingly a little higher, even to pivot level in in 680s. This does not mean in the least a recovery and the same congestion/volatility yo-yo situation is still in place.

ES: Retraced quite a bit in pre-market but ended around the 1165 area again. If passed, ES should normally test low 1180s. However there is still little energy in the market and any adverse news can stall this upper bias.

Conclusion: same as previous days i.e. have fun on short intraday time frames or go enjoy indian summer. No rush to get back into the market. It will still be there where you're back from holiday.

(snapshots available on request)