Tuesday, June 16, 2009

Market Update - Jun 16th '09

We were right in anticipating "turbulences" and watch out for that key 937 level. I thought the low 920s would hold, but ES might actually drift slowly further to 906 now.

Likewise, TF will probably test 500 later on this week, even if it could also rise to 515 first. TF indeed certainly indicates clearly that buying pressure is dissipating a little in the short term, while being now in a [500-516] price segment, i.e. one step down from the previous [516-531] trading range.

On the longer term markets are probably just looking for a base to attack 1000 for ES and 600 to 625 for TF, so again, one should expect a major reversal here.

( posted 7:40 AM UK )