Thursday, September 24, 2009

Market Update - Sep 24th '09

We now have evidence of the modest retracement we've been waiting for. Again, I realize the message has been possibly somewhat confusing but the longer term targets remain unchanged.

We also notice that TF is leading the retracement after hitting its target on 625. taking ES down with it (as anticipated). We now have to check a short term support on 609 which could trigger the full on retracement to the 580s, then 560s. Again, longer term players should worry.

EURUSD: some erosion yet one can't call it a fall. The US$ should remain weak over all. We'll check the 1.477 key level for now, which could indicate aiming for 1.465 later on.

( posted late at 9 AM UK )