Friday, February 20, 2009

Market update - Feb 20th '09

Markets are sometimes particularly easy to read.

ES broke the 781 level to fall to the 770 area. There is one last stop at 767 before 750. We'll then see whether we are going for a double bottom on the weekly chart or whether it's all gloom and doom. We might see a sudden bounce followed for a while by the same trading range we've seen for a few months.

ER has a Fib target on 414, but should aim straight at around 405-406.

More details in the forthcoming weekly report.

A quick note on EURUSD: likely to hit lows again also.
I personally have a target of 1.245