Thursday, July 09, 2009

Market Update - Jul 9th '09

Again, markets seem to behave in a fairly orderly manner. On the ES chart, the 875 level shows some resilience still and is so oversold that a moderate bounce is possible.
We still keep our lower target for now, in the 860 area, then maybe 840. As mentioned many times in previous reports, this is not a trend reversal but only a normal pause after the extraordinary recovery since March.

TF came close to the 469 support level yesterday where it bounced temporarily. Like ES we aim for a lower target now. Our support level should be hit within a few days, but low volumes can cause normal seasonal volatility.

( posted 7:15 AM UK )