Wednesday, April 01, 2009

Market update - Apr 1st '09

Nothing surprising in the last 24 hours.

ES pullback has been stopped on the 781 strong support level yesterday. While it could certainly bounce, we still believe ES needs to go lower still and test 766 or 750 again.

ER (TF) may find some relief on 415 (equivalent to the 781 level for ES), but is also likely to aim at the low toward 405 and could even retrace all the way to 380. This is unlikely though. Buying should resume within a couple of days.

( sorry for the late post because of an Internet problem... DNS was down )