Thursday, May 07, 2009

Market update - May 7th '09

ES is following its course north now with a target around 930 (60mins chart) or higher (daily chart). Obviously there will be minor profit taking sessions along the way, and 906 could be a support level now.
Funny enough, the current rise looks like a gentle walk in the park with actually little underlying energy. We should therefore just enjoy the ride while it's there...

ER (TF) follows a more difficult course as it has not broken 500 yet. Will it join the party or will it bring everything down now ? Just like ES, the daily MTFS is very bullish even if a minor retracement could happen next week. However, in both cases, daily MTFS must now complete its pattern either breaking out on the up side or through the passage of time (i.e. a trading range near current highs).

For the time, and as always, we'll go with the flow...

( posted 6:30 AM UK )