Friday, June 26, 2009

Market Update - Jun 26th '09

Not only 906 was passed fairly easily (see yesterday's report), but the pattern has now crystallized for a target either around current highs (~920) or more likely mid to high 920s (~927).

This does not change our longer term scenario even if retracement potential now looks reduced of course. We'll therefore watch the daily range carefully, and particularly Support/Resistances and Fib levels.

TF follows the exact same path and therefore does not provide any any extra information to help us here. So we'll have to go through this upward retracement first, and wait for the next pivot to be confirmed. Again, the most likely route is a return to the consolidation even if selling pressure has diminished substantially.

( posted 6:50 AM UK )