ES has now stalled on its 1062 resistance level, with hardly any sign of weakening though. It could creep higher but we do expect a reversal soon so long positions must be monitored closely, stops tightened and some profits taken.
TF is in the same situation and while a volatility spike could it to the 620s again, we prepare for a modest Fib retracement in the next week or so (Entropy is very high).
EURUSD: the 1.464 level held yesterday, so €/$ should remain range bound either directionless or with a slightly upward bias to a short term 1.477 resistance level.
As for indices, we anticipate some minor Fib retracement on longer time frames (daily/weekly) within a few weeks even though we keep our 1.50 to 1.51 target for now.
( posted 6:15 AM UK )
NB: tomorrow's report might be delayed
Tuesday, September 22, 2009
Market Update - Sep 22nd '09
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