Monday, October 27, 2008

Weekly Report on ES - Oct 27th to Oct 31st '08

Last week's upper bias quickly evaporated, but we followed it day by day so didn't fall for it.
The 1000 level is now remote and we are now more wondering wheter 875 will hold.... probably not...

This report is short: all markets are tuned the same way. Please also read the ER report below.

ES 60mins:
Lows will be tested and then... lower again probably. There is some support level around there (~843), but buyers are certainly not coming back just yet. MM levels give us a support level below 820, and then... is there an end to it...?

Daily: Same as ER
oh well, should i repeat myself... if current lows fail to hold, support is probably to be found somewhat lower... the markets could slide to the low 700s... I shall update targets during the course of the week. Let's give current lows a chance still..

Weekly: bottomless
Fib and MM converge to the low 700s, and we'll see whether there is a slight chance of a support level along the way. Please check daily updates this week.