Friday, May 15, 2009

Market update - May 15th '09

Hmm, should i just copy/paste yesterday's post... ?

ES bounced on stall level, in fact bounced exactly on Fib target inches below stall level (882). We would always favour days like these but one can't see more than some drifting down, or some trading range in the short term.
ES needs to go test 875 (possibly penetrated to the high 860s) to confirm the new Fib pattern on the daily chart.

ER looks the same, with a logical target near lows on the 60mins chart, and yet only limited selling pressure after a down week so far. Could be directionless day here too, even if drifting should continue next week.

( posted 6 AM UK )