Market update - Apr 9th '09

ES bounced here than we thought yesterday. We only post one report per day, and this is a clear case where an update would be needed. ES passed the 812 test level decisively in pre-market trading to warrant an update which users of this toolset will have obviously done.

ES also bounced without quite completing its pattern and we'll check for the formation of a downward Fib pattern later on today. For now, we believe a resistance around 828-830 would confirm that scenario. We'll remain cautious as there is still some residual momentum.

Our weekly report mentioned that the daily chart looked resilient with a MTFS pattern that does not seem completed yet, so the sizable retracement i announced has probably not started yet.

ER follows a similar path, and here again, it is difficult to figure out whether resistance has been reached or whether it can hit 447. As always we go with the flow and the 60mins bar is still blue after all.
At daily level, the situation is the same. i.e. waiting for our anticipated reversal.
Maybe early next week...

( posted 5:30 AM UK - Update/Info:email )