Wednesday, July 01, 2009

Market Update - Jul 1st '09

New day, new month, new quarter...

Anyway, ES broke its upward channel yesterday (60mins chart), and could now be drifting a bit, pretty much directionless at that level yet pushed up on the daily chart. We're again waiting patiently for a confirmation of the reversal on the weekly chart.

For the time being, it seems the 906 area represents a strong support level at the moment, and the daily chart points toward a return to the top of the trading range, so we'll check 921, then 937 (price segments are about 16 or 32 points wide).

Same situation again for TF with a potential return to 512 then 520, yet we're looking at an erosion later on, which does not facilitate our market reading as the pivot or reversal will look a little fuzzy at first.

( posted 9 AM UK )