Market Update - Aug 19th '09

ES almost made it to 991 yesterday, but is now looking at retracing lower to the bottom of the trading range (~980) and problably lower still later on. The 980 level is a good test right now. Markets could shed another 3% within a week in case of a breakout.

Again, we have no indication of a reversal on longer time frames just yet, so this is only normal profit taking, as well as a normal period of hesitation on a key level (1000).

( posted 7:30 AM UK )