Market Update - Jun 4th '09

Sorry for yesterday. I just couldn't get back up to speed in a matter of a few hours. South Africa is a strange place where people live like there is no tomorrow, and where crime is rampant. So, one just gets organized, have everything insured, make sure the neighbourhood is security-patrolled, and then life goes on, like nothing ever happened... What a wonderful world this is...


Anyway, back to work:

ES (60mins) retraced to bounce on Fib Pr1 and MM level. 937 is still pretty strong and actually is a stall level at daily level. Is this going to be the signal for the awaited retracement ? Difficult to say. As always, we want to avoid reading too much "between the bars" so we'll check the 937 level carefully.

Same story on TF. As mentioned previously, we had to realize that markets had to align and 531 is now the key level here. No reason to be contrarian though. Let's go with the flow for the time being, even if a "air hole" starts showing on the daily chart.

More details on the next weekly report.

( posted 8 AM UK )