Market Update - Sep 9th '09

ES hovered around the mid 1020s as anticipated yesterday. Again the residual upward bias is there, but lower time frames point toward some retracement later on. The air hole effect can carry on for over a day. If retracement starts, we'll have a 1009 target. No change of scenario on longer time frames.

TF is also losing steam close to the 578 target (60min chart). There is no sign of retracement here though. Both indices may have to fight their respective resistance levels first to retrace (1032 for ES). However both are sitting on their stall level just below targets with little energy left.

EURUSD: still bullish. If you read earlier reports, you may have noticed a target close to Dec 08 highs (1.462 to be exact) if 1.44 was broken. EURUSD is overbought but could give it a go again within a week. It has however hit stall level already which is often good enough to take profits or tighten stops at least.

( posted 6:25 AM UK )