Weekly Report - Aug 3rd to 7th '09

ES has shown to be hesitant on month end, with increasing signs of some modes retracement ahead of the 1000 target. It is difficult to say whether 1000 will be hit shortly or hit at all, as a high of 994 falls within the margin of error.

For now there is still substantial resilience and profit taking looks limited. One cannot however discard some acceleration either way as the week progresses. Tick charts (max 1 day visibility) point for some retracement, and we'll watch the key 984 and 992 pivot levels which could send prices to 1000 or not (price segments are roughly 8 points apart). A continuation of the same hesitation and consequently of the same trading range in the 980s is also possible.

Note that TF is also hovering around target area (550 to 560) with a next target around 600-625. However a stall or minor retracement is also expected here.


NB: there may be only one or two reports this week unless market action warrants regular updates of course.

( posted 9:40 AM UK )