Market update - Apr 2nd '09

ES bounced on 781 which was indeed a possibility we had seen, yet to be honest we could not quite anticipate ES passing the 812 pivot level so easily. We obviously can't get it right all the time, but our patterns while hesitant still give is us a 50-50 chance of retracement (as mentioned in previous reports) after this 'spike'. Is this due to anticipation on the G20 meeting in London? Are punters aiming at 832 first before taking profits ? It is now a matter of when going long at what price for those who are not long yet.

ER: similar picture. If it can still reach range high around 430 or even hit 437 again, retracement is VERY likely (same pattern formation on daily chart).

Advice: lower time frames are recommended to take advantage of the current situation.

( posted 6:45 AM UK )