Monday, June 08, 2009

Weekly Report ER & TF - Jun 8th to 12th '09

ES has been hovering on the Daily stall level for about the entire week, and is probably looking for direction now. Market participants will now have to decide to pause or attack the almighty 1000 level.

The 60mins chart is certainly looking at retracing on the 937.5 resistance level yet shows a LOT of resilience hence could remain overbought and rangy for a while. We will however check range lows on 920 (short term) and eventually 905 (mid term).

Again the daily chart is still VERY bullish so a prefered longer term scenario would be a testing of 1000 then a retracement to 875 (we'll check Fib/MM by then).

TF is again a little out of synch regarding levels, and is now a little less bullish than ES also. This is why we still can't discard a test of the 500 level again before aiming on 600 / 625. This short term pullback may coincide with a testing of range lows on ES.

Those who entered long early (weekly chart) have no reason to worry but can maybe tighten stops a bit in case of turbulences.

( posted Monday 9 AM UK )