Market Update - Jul 22nd '09

We've seen ES hitting 953 twice yesterday. Will it now breakout higher ? It seems quite likely indeed as a number of market participants have their eyes on 1000 already.
Having said that, we have to remain cautious on this level still.

TF also hit its target on 530 and is also quit bullish still.

We cannot discard some profit taking today without revising our market outlook. We indeed have to keep in mind that a summerly trading range is also quite possible. Behaviour on this key level (weekly trading range highs) will have to be monitored closely.


A special note on EURUSD: aggressive traders may want to go short already, but that's probably way too early at these time frames. Just watch out for a pivot point for the time being, keeping in mind that current target may just as well be broken to reach Dec '08 highs again...
(Both € and US$ economic blocks run such massive amounts of debt...)

( posted 7:40 AM UK )