Monday, September 07, 2009

Weekly Report - Sep 7th to Sep 11th '09

ES proved to be a bit more bullish than anticipated on Friday. The first resistance indeed broke easily to see prices settle just below 1020.
At this point, it isn't clear how far ES can go now. There is some indication of stalling in the low to mid 1020s. However, this last test of 1000 bodes well for a higher target even if energy is lacking to support the current buying spree. We may therefore see a continuation of the same trading range on the daily chart with a slight upper bias in the long run.

TF is also looking bullish right now. We'll watch resistance around 570 and 575 as the underlying trend (like ES) is pretty weak still.

EURUSD: Current resistance in on current highs around 1.434. It should eventually go higher, but is definitely lacking stamina (like indices...)

( Posted 9 AM UK )