Monday, January 05, 2009

Weekly Report on ES - Jan 5th to Jan 9th '09

ES and ER are certainly largely correlated hence it is always worth reading both reports (ER report just below). However information is sometimes clearer on either ES or ER.

Last week, i mentioned prospective Fib targets without realising one minute we could be there already... Yet, recovery may be relatively limited in the medium term (longer time frames).

( NB: we here also post a volume chart to show how clearer the picture is here. Our indicators work like wonders... )

ES 60mins: Upper bias is still there despite our targets having been hit yet, a slowdown looks necessary even if we don't see it clearly just yet. It may happen near the 937 pivot level and we might want to take a look at volume charts for accurate targets. At this time frame, we certainly remain long for now, with stops tightened a bit near close Fib retracement levels.

ES Daily: We here have the same hesitation as with ER with the MTFS white line going its way as a frontrunner without much support. We may therefore end up with some retracement or return to the same channel. We'll however give the current upper bias a chance particularly if volumes start coming in. As a matter of fact, we do again recommend long volum charts like 32000V for a clearer direction.

ES Weekly: No change from last week AGAIN, and similar to ER: Swing is up and Entropy has bottomed yet MTFS is not too bullish so one does not anticipate any significant take off, and after all one has already enjoyed a significant 25% recovery since recent lows, so a pause and some profit taking would be quite in order.