Friday, May 08, 2009

Market update - May 8th '09

ES reached 927 yesterday, i.e. close to the 830 stall level to then retrace a bit. Will that be the signal to take profits ? Again the daily chart does not give indication of any serious selling yet. A short term return to 875 is possible some time next week but it is not visible yet.

Today, we'll watch possible resistance levels on 918 and 922 but again, no reading "between the bars". Bars are still blue on all time frames.

ER (TF) is different though as again the 500 level is certainly still holding, so caution MUST be exercised.

More details in our next weekly report.

( posted 7 AM UK )