T.G.I.F.

Just a gentle reminder that a swallow does not make a market rally (euh?) and i warned that the "1000" battle on ES would not be an easy one. I'm afraid we'll need at least another round and for now we'll have to see how and where buyers gather forces...

EURUSD: As mentioned yesterday, we have a strong support level just below 1.27 and while we have some bounce potential at this point, the underlying forces should keep some pressure on any substantial recovery.

ER: We're now sitting on 500 with some remaining downward pressure. However the market will try and dissipate that energy without breaking that support level. Should it break, the next level is 483, but odds are more in favour of a bounce right now.

ES: The fall stopped on Fib PR2 and we're back into a [906-937] price segment, and as a matter of fact, we'll have to break that 937 level to go higher and eventually battle again. We're not there yet though and we should end this eventful week on a relatively uneventful day, probably slightly up. Time to heal the wounds now...