Wednesday, June 24, 2009

Market Update - Jun 24th '09

We indeed saw a kind of a pause on ES while TF was suprisingly more bearish yesterday. This is in line with our consolidation scenario. Patterns are not exactly in sync so let's take a closer look at our charts:

The 60mins chart shows ES sitting on the 2nd FIB target with no visible intention to drift lower for now. It should however settle lower after a while. The daily chart is still on its way for that lower consolidation level as mentioned in the weekly report.

Same for TF, currently in between Fib levels, aiming slowly but surely to 480, 467 to probably 459.

Buyers should come back to the charge somewhere in that area.

( posted 8 AM UK )