Market update - Apr 7th '09

Retracement on ES has now started, even if, as we said yesterday, it is still showing good resilience on the daily chart.

On the 60mins chart, a bounce occurred on Fib PR2 around noon, so we may see a bit of range trading or a last attempt to go north again. The trend is slowly reversing though.

Same story on ER (aka TF), i.e. could certainly still creep higher (stall level ~461 and resistance level ~468), which would tally with daily chart trying to complete its current pattern in overbought territory.

Again, we do not foresee any major reversal but only a healthy retracement to gather strength and go higher later on (2nd quarter 2009).

( posted 6:30 AM UK )