Market Update - Jun 5th '09

ES is still overbought and bullish, stuck on the 937.5 level, last obstacle to the 1000 level. While a retracement is still possible, a breakout on the up side is now more probable.
The question now is: Shall we see that 937 pivot level being tested as a new support to go higher ?

TF shows a little more resistance, maybe adding a little more pressure leading potentially to that same breakout above 531. That is also our (updated) scenario now, even if a resistance level always remains a resistance level until broken (am i not soooo good at stating the obvious....)

( posted 7:30 AM UK )