Wednesday, March 18, 2009

Market update - Mar 18th '09

Continuation of the rally yesterday with targets now pretty close. ES could reach the high 790s and ER (TF) is now inches away from the strong resistance on 406. Obviously, longer time frames still point for some obvious profit taking but since we still have some upward momentum, it is difficult to pinpoint exactly when and where it will happen.

We shall therefore watch carefully the 406 level for ER (and 421 should that one break, this is unlikely though). As said above, ES could still aim higher, so we'll check current highs and Fib level just below 800.

( posted 6:10 AM UK )