Friday, August 07, 2009

Market Update - Aug 7th '09

We have a confirmation of the pause on the salient 1000 level, however no indication of any signification retracement either. ES came down to the Fib PR1 level (38%) and could actually shed a few more points to find support o the mid 980s. Again it doesn't mean that ES will not rise again in the medium term as residual buying pressure is still there.

A data issue pending correction by TradeStation prevents any analysis of TF at this time.

NB: there will be no daily update next week.

( posted 8:10 AM UK )