Wednesday, July 29, 2009

Market Update - Jul 29th '09

We indeed saw the market stalling yesterday as expected. Good timing to possibly lighten positions or tighten stops, but residual buying pressure is stull strong ... and 1000 is so close.

Light summer volumes may indeed accentuate volatility both ways, without any definite change of scenario i.e. a bullish stall. In the short term, we'll check 968 for support, and 956 in the very worst case. We're likely to go and hit 984 and maybe 1000 first.

TF has pushed the 546 level to strong resistance level, icreasing the likelyhood of some (limited) profit taking. The stall scenario should be valid maybe for a day or two.

( posted 7:40 AM UK)