Monday, September 28, 2009

Weekly Report - Sep 28tht to Oct 2nd '09

Market reading went quite well last week. Let's hope we'll have another good week.

ES has sort of landed on Fib level where it could rebound softly. However selling pressure is now definitely there so we could aim lower again around 1030. The overall longer term trend is however still relatively bullish, so a continued period of hesitation is likely. We know that the weekly chart is pointing for a retracement to come but the exact trigger point isn't quite there yet on the daily chart.

TF shows a clearer picture as it has hit its target on 594. It is however still quite bearish. We'll therefore watch that 594 support level closely as it could trigger more selling and induce the retracement the 580s then maybe to around 555 in a couple of weeks. Again, TF has been leading lately, and could take ES down with it.

EURUSD: bearish right now.
The 1.464 is still test level which could be hit again as a resistance during the course of the day. On the downside, we'll check the Fib level around 1.454 but we have not indication of more than a minor retracement on the weekly chart. The trend is firmly up there despite being very overbought right now.

( posted 7:40 AM UK )