Tuesday, August 18, 2009

Market Update - Aug 18th '09

ES found support on the 977 stall level, but we also notice the ~32 point price segment evoked so many times on these reports so real support should be found lower despite its endeavour to bounce now.

As mentioned before, 1000 remains a key level to sustain the bull run we've had for over a month or on the contrary to retrace substantially. 1000 is also a Fib Pr2 now on the 60mins chart.

We'll watch 991 first (Fib PR1) as a resistance now and again we don't see prices going higher right now.

Having said that, there is still a substantial upward potential once this profit taking session is over (down to Fib PR1 on Daily chart). TF indeed seems set on a course to 600 on the weekly chart.

( posted 8 AM UK )