Market Update - Jul 21st '09

ES is now close to its target, but again remains quite bullish hence could at best stall at these levels. The swing angle on the daily chart looks a little too steep to fly straught to the almighty 1000, so that battle may have to wait and some profit taking on these range highs is more than likely.
Same situation for TF, lagging slightly behind though. One could assume it could also reach the top of its trading range around 530.
We can also note that both ES and TF could end this period of congestion if both weekly bars turn blue on Friday, probably then indicating aiming higher. Again, while buying pressure remains substantial, we are likely to see some profit taking and therefore continuation of the trading range. In the short term, let's check for the market behaviour on range highs. Any forthcoming retracement would be quite limited.

( posted 7 AM UK )