Tuesday, September 08, 2009

Market Update - Sep 8th '09

ES stalled in the low 1020s as expected but contains enough momentum to stop attempts to retrace. It should therefore keep hovering in the same price range. In the most optimistic scenario, it may try and reach range highs, but looks relatively unclear still at this time (~3AM Eastern).

TF could go a little higher (~575), where it could pause.
Both indices look fairly bullish but lack energy.

We note that EURUSD has reached a strong resistance around 1.44 where it should also pause. Like our indices (remarkably correlated lately), EURUSD has some residual upward momentum.

( posted 8:25 AM UK )