Market update - May 20th '09

ES stayed high yesterday and even spent most of the day a little higher than the 910 level i mentioned to only start drifting in the afternoon.

We should see a continuation of the current movement, probably to 900, then 895.5. Selling pressure is however limited. We have noticed that the 875 resistance level has turned to support level last week. It can technically be tested again opening the way for a more sizeable retracement to the 825 area, but it is only one possible scenario at the moment. Again, there is not enough selling pressure at the moment and buying could resume in the mid to high 890s levels.

Same situation on TF (ER).
Possible target in the low 480s, but selling pressure is simply not there right now. Who knows... It may just take a spark to get the market going though...

( posted 6:20 AM UK )