Market Update - Jul 23rd '09

Difficult to find something new and interesting about yesterday's trading... The market has been hesitant on key target without engaging in any sort of retracement. The daily chart is still quite bullish, only marginally dissipating energy accumulated over the last two weeks. ES should therefore stay quite high in the 940s, and only then shall we maybe see Entropy peaking. Entropy level is high in reversal territory but it would take at least a few days to evacuate the current bullishness.

TF, just like ES, is hovering around range highs and could go both ways from here. We'll remain careful around this key levels, taking into consideration that chances of retracement are very limited.

( posted Wed 11 PM UK )