Wednesday, September 30, 2009

Market Update - Sep 30th '09

ES is for the time being stuck on the key 1062 resistance level. It has since shed a few points but has not clearly retraced yet. We therefore cannot confirm the reversal point we've been waiting for.
We have a provisional Fib pattern with a 1st target on 1046 but no energy to support more than a possible continuation of the current erosion.
TF follows the same path with an immediate target on 604 then maybe 596. The same lack of entropy and MTFS patterns makes it relatively directionless.

EURUSD left key level on 1.464 to drop to 1.453 (MM+Fib) where it bounced. 1.464 remains crucial in the short term and congestion is to be expected until we get a clearer reversal point (at these time frames).

( posted 6:55 AM UK )