Friday, September 04, 2009

Market Update - Sep 4th '09

Support was found yesterday in the low 990s but 1000 is certainly still acting as a mild resistance. This is definitely more a time of hesitation that a real tug-of-war on a salient level.

ES could reach 1008 but is lacking both direction and energy, and this long weekend will probably not help as volumes should remain light until next week.

TF is also hesitant, and while it could reach 566 (Fib), signs of erosion to 544 are still there.

I understand this market update may be a little confusing for some, but short positions should see their stops tightened a bit above Fib levels for now until we get more clarity. Intraday positions should be monitored more agressively, or simply closed until next week when volume picks up again.

( posted 7 AM UK )