Market update - May 28th '09

ES finally decided to plunge on the 60mins chart, but nothing to be excited about at least until we've passed daily range lows (strong support in the 875 area).

We might indeed see some continuation of the current hesitation for a little longer. However the daily indicators start showing some exhaustion so we might see the support being tested soon enough. Note that we still have a lower targetin the high 820s.

Once again, TF follows a similar path. Range lows on support level around 468 must be broken before we can aim at the low to mid 440s, then around 300. We do not anticipate more than a moderate retracement for now.

( posted 7:45 AM UK )