Tuesday, July 28, 2009

Market Update - Jul 28th '09

ES seems to be rising relentlessly to 1000, but we have to see how it will behave now that it has reached the Fib/MM resistance area (i.e. 979-984). Again we have preliminary signs of a peak (Entropy and MTFS) so money management can be adjusted accordingly.

Note that there is obviously no indication of reversal whatsoever, so the peak will first be a market stall at best.

TF is following the exact same path.

( posted 8 AM UK)