Market update - Feb 10th '09

ER: We warned of a possible stall, and this is confirmed now. ER resistance level in the high 460s has turned from pivot to strong, so one could see a retracement to 1st Fib level. On higher time frames (daily, weekly), the outlook is a mildly bearish congestion.

ES: Same story, and as we've said in previous reports, ES has easier to read lately. ES should now first reach Fib Expansion and possibly pivot level in the mid 840s. We however do not anticipate any change in our longer term outlook.

Note: FX is no longer part of our free reports.
( posted 4:30 AM UK )