ES is now on its resistance level on the 60mins chart, and looks still bullish... As mentioned in previous reports ES is aiming to 1125 or at least to the stall level just below.
We're anxious to see whether that will be the retracement point we're looking for.
TF is also bullish, close to the 625 resistance level but while also looking bullish right now, looks like having less upward potential. We can expect some fighting on current levels, and can't discard a volatility spike in either direction.
EURUSD seems to be following indices, in a catch 22 situation like for gold, offsetting returns in Euros terms. EURUSD is more hesitant now, but should remain bullish if it stays above 1.489
Stall level is on 1.498 with the strong resistance on 1.501, this is an area where we should see that anticipated exhaustion and likely modest retracement.
( posted 6:40 AM UK )
Friday, October 16, 2009
Market Update - Oct 16th '09
