Market update - Feb 17th '09

Confirming yesterday's bleak picture, ES is aiming south and 812 is only inches away from being history.
We shall see today whether that level is tested again as a resistance now, or whether buyers have just given up. We do have some support just below 800 now, just to mitigate the otherwise bearish outlook of a much lower target on the daily chart.

Same story for ER which technically is still on its 437 support level (more a [433-437] support range actually).
We may see prices fall a full price segment (about 16 points apart) to reach the next Fib target around 418 to 420.

In the very short term, we have to observe index behaviour on their support level right now. Although very unlikely, we may see a last minute attempt to bounce on those levels.

( posted 6:45 AM UK )