ES fell to the support level after breaking out. We had anticipated it as prices stayed below the key pivot level and selling pressure accelerated. ES should remain fairly bearish, yet 1062 should hold and a minor bounce is even possible at first.
As mentioned on the weekly report, the current support level will determine whether prices will fall to the next price segment or not. It is unclear whether this will happen today or not... but it could in the next few days.
TF is also sitting on its strong support level, and since it is a also strong Fib level, a bounce is likely. However, like for ES, we should start preparing for a pullback to the low 500s.
EURUSD: we'll check for a channel bottom as we still don't see any major retracement coming. Short term bearish for now.
( posted late 10h30 AM UK )
Tuesday, October 27, 2009
Market Update - Oct 27th '09
