Friday, April 03, 2009

Market update - Apr 3rd '09

ES reached Strong Resistance level on the 60mins chart, so could pause at this level. While overbought, there is no sign of retracement just yet. At best, prices should drift a little.
On the daily chart, although one also sees some weakening of the current momentum, one does not see any major profit taking in the short term even if we stick to our scenario of a healthy pullback to the mid 770s at some point.
828 is a short term support right now, then the mid to high 810s.

ER: same situation. While it could still creep a little higher, it is likely to then find support in high 430s later on.

( posted 8 AM UK )