Market Update - Sep 23rd '09

ES certainly remains bullish. It passed the 1062 test level, so we'll check it stays above it and possibly tests it again as support. In any case, the course seems set to ~1100 (we'll fine tune our target later on).
TF is as so often in the same situation but must pass 620 and then the strong resistance 625 level.
Again we have to realize the VERY overbought configuration we have here, so i wish to reiterate recent warnings that a retracement is bound to happen in the next few days, even if moderate (could however then fall to the low 500s).

EURUSD: should stay high.
We anticipate a return to highs and even 1.486.
Like for indices despite an obvious forthcoming retracement the upward bias is there and we keep our longer term target unchanged.

( Posted 6:20 AM UK )