Wednesday, April 15, 2009

Market update - Apr 15th '09

Pivot point was well spotted, wasn't it...
ES indeed hesitated for a while on 844 then broke it, tested it as a resistance to finally go south.
Very classic pattern indeed.

In the very short term, stall level is on 832, and the new strong support is 828.25 which should be hit even if the 60mins chart is in bounce territory now.

The daily chart has not yet quite confirmed a reversal. A pivot is now showing and MTFS is quite overbought, but ES is still holding well. The most aggrssive traders will be short while the more conservative can wait a little. Once confirmed, the target will be 781.

ER (TF) provides us with a somewhat clearer picture.
In the short term, it may shed a few more points but is waiting to bounce if only a little. The Daily chart is now showing a red bar so a short signal is there if it stays red by today's close. It will be up to each and everyone to try and pick a good limit price since the 60mins chart shows some bounce potential.

( posted 5:45 AM UK )