Weekly Report on ES & TF - May 25th to 29th '09

Last week, ES bounced on stall level to reach about Fib PR1. ES now shows little energy either way on the 60 mins chart, which is maybe understandable as markets are closed today on Memorial Day.

The longer term scenario remains unchanged with markets looking at taking profits down to the mid 820s yet not showing more than a marginal profit taking potential at the moment. This can be explained by a relatively strong support level in the 866-875 area.
One cannot exclude a less likely scenario of prices rising to sell more heavily on 906-908.

TF again follows about the same path with a possible landing on 468 on the 60mins chart. The daily chart gives us a lower target in the low 440s, but doesn't show any energy to take us there yet. Breaking 468 would certainly help but we'll assume a trading range for now.


( posted 7:10 AM UK)


NB: the market update will be posted late tomorrow.
Memorial Day today in the US.