Market update - Apr 21st '09

Nice fall, wasn't it ? We've been expected it, and even the most conservative of us went short on 858. The slide stopped close to the 82825 MM resistance level to bounce in post market trading.

Tick charts do confirm the bounce to 836 and possibly 843 later on, although it is unlikely to reverse this new retracement direction. ES should normally be on it way to the high 790s as mentioned in previous reports.

The situation on ER (TF) is similar, however 453 seems to be a stronger support level. We here also believe the new target is 427 but we might have a bit of fighting in the short term.

( posted 7 AM UK )