Wednesday, May 06, 2009

Market update - May 6th '09

The rise of ES has been so far stalled on 905 (i.e. on MM strong resistance level) and some profit taking has now started. However, as mentioned previously, there is no some buying momentum so retracement will be limited.
Note again for trigger-happy traders, there is no red bar yet on our 60min chart.

Our tick charts (up to 64000T) have turned short already but also show a limited retracement only.
The day before yesterday prices jumped to the top of this [875-906] segment and could now find support either half way around 890, maybe back to 875-880 where support will be a lot stronger.

( posted 6:15 AM UK )