The upward momentum is fading but is still there in the short term (60mins chart) and we have the same situation of conflicting forces or diverging information at least across our charts.
ES could and should stall but could technically creep higher. 1062 remains the key level for the time being. The weekly chart is pointing towards a retracement (EntBin=5) but it can be in the next 3 weeks or more! We'll therefore stick to the 60mins chart for direction.
We'll go with the flow with TF also bullish on 610 resistance level, with no indication of a strong retracement initially. It could however retrace to 1st or 2nd Fib level in the next few days if 610 holds.
TF tends to tell us that the forthcoming potential retracement on the weekly chart is both obvious yet limited also. Confusing isn't it ?
The market will almost certainly try and test one of the key levels we've seen in recent weeks, for support this time.
EURUSD: range bound for now.
( posted 8:30 AM UK )
Friday, October 09, 2009
Market Update - Oct 9th '09
