Sunday, October 04, 2009

Weekly Report - Oct 5th to 9th '09

Our chart reading went quite well last week.

ES indeed landed on 1022 as anticipated, breathing a bit on its way lower. There is not enough selling pressure to justify a Fib target on the weekly chart, so we'll keep a cautious target around the stall level on the 60mins chart (i.e. just below 1010).

TF is sitting on a strong support level so the same dynamics may lead to some fighting at first. A floor could be found half a segment (~16 points) lower in the low 560s.
Like for ES, we'll then check energy levels to then confirm weekly Fib targets or not.

EURUSD: strange volatility spike which bounced on 1.452 (after penetrating it quite deep) to hit the 1.464 key level. This event makes our time frames send us conflicting information, but we'll stick to a higher probability scenario, erasing the effect of the spike to return to our previous erosion mode. We'll check 1.452 again then 1.444
Again our weekly chart does only point towards a minor retracement (16 or 23% Fib at most).

( posted Sun 8:30 AM UK )

NB: Tuesday's update will probably be posted late