Weekly Report on ES - Feb 2nd to Feb 6th '09

Again, markets are very nuch correlated and we'll here only emphacize on specific prices and possible pattern differences.

ES 60mins: We are here a little more bearish than ER (Swing is still down) and definitely aiming at 813, which again is so much anticipated that we may see some 'tug of war' behaviour ahead of target. We then do see some potential for recovery to 843 which will become the next key level, crucial to a longer term recovery. One thing at a time though, as 813 could also break...

ES Daily: Same uncertainty here, forcing us to evaluate the 813 key level on the 60mins chart very carefully. We here also have 2 conflicting Fib patterns whih could send prices either way, i.e. down to 782 then... 725! or otherwise up to 924.

ES Weekly: Here again, we have to be particularly careful as while we have seen Entropy recovering and Swing toggling up, the MTFS pattern is still quite bearish and bars are 'bright' red. We however favour a positive scenario for ES, despite showing a few roadblocks along the way.
We'll come back to those key levels later on (by end 1st quarter '09) but we do already see that on pivot confirmation, recovery could well stumble again near 1000 and 1250, both being strong Fib and MM levels.

( posted &:28 AM UK )