Weekly Report - Jul 13th to 17th '09

After some substantial selling, the week actually ended on a softer note on account of low volumes. ES and TF are still holding on their key support levels respectively 875 and 468.

We are likely to see more selling next week although a bounce is also possible first (depending on ES bahaviour on 875 again). We have indeed the MTFS clearly on a bear pattern but the white line has been striding rapidly ahead and could therefore reverse in the next few days (check reversal of the white line in oversold territory). It is in any case difficult to have a very definite scenario ready when prices are sitting right on key support levels. The longer term chart still point for a lower support (~840 on ES, ~460 for TF) which area again could form a good base to move higher then (i.e. no panic yet over the long term).

( posted Sat 11th 8:30 AM UK )