Market report for March 11th 2010

by Bruno Voisin on March 11, 2010

ES is hesitant our current highs, and therefore finds it more to reach our target in the high 1140s.  The daily chart certainly  looks quite buillish still, but we have to acknowledge this is a strong resistance on the weekly chart.  We’ll therefore watch intraday time frames in case 1125 has to be used for support to go higher.
TF stalled very close to our 679 MM/Fib target and could therefore take a breather here.  We have no reason to believe in any sort of major retracement just yet, but 671-672 (maybe 665?) should now hold as a support to allow TF to reach 679 and then 686.
EURUSD passed 1.361 to aim straight at 1.367 again, where it stalled again.  We may be getting closer to an upside breakout to 1.387 now, and probably stay in the same 1.361-1.367 trading range in the meantime.
( Posted 5 AM UK )

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Market report for March 10th 2010

by Bruno Voisin on March 10, 2010

ES keeps on creeping higher. The daily chart is still way too bullish to allow for any retracement, but intraday volatility is increasing, so shorter time frames engage us to be cautious.  Our new immediate target is 1149, and depending on ES behaviour there, we will validate a 1167 target on the daily chart.
TF always provides another angle when ES charts do not provide a clear enough picture.  TF actually led the current move to its resistance level, at the same time pushing ES higher than its own resistance.  672  initiated some selling which could hit 665 on account of current volatility. However here again the daily chart is very bullish still, so TF should try and break 672 then hit 679, maybe 686 within a few days.
EURUSD stalled on the key 1.367 level to retrace to 1.354 as expected.  The Euro bounced there to stall again in the mid point of this new 1.354-1.367 range, i.e. 1.361
While remaining largely congested in higher time frames, we may see the Euro hover in the same range, or maybe break unconvincingly to the upper half i.e. 1.361-1.367.  Time plays in favour of exhausting sellers, but until then we have to watch our support levels carefully…
( Posted 5:40 AM UK )

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Market report for March 9th 2010

March 9, 2010

ES stalled around 1141 as we expected yesterday. There is no substantial selling pressure right now, but our indicators show a “air hole” situation, which could bring prices down, altough in an orderly manner, to find support on Fib/MM   1125 looks like a good candidate.
The daily chart is far too bullish to break that [...]

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Market report for March 8th 2010

March 8, 2010

ES broke on the upside as we anticipated. We don’t see it passing 1141 today, but the mood is definitely more bullish.  The longer term trend could take ES up to the mid 1160s this week.
TF is also following suit and is now aiming at around 680 to 687 with a possible short term stall [...]

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Market report for March 5th 2010

March 4, 2010

Just a quick report on account of traveling this Friday.
ES is still struggling to pass 1125. All time frames up to the daily chart are still pushing, so a breakout would unleash substantial energy.  The resistance is quite strong though, so there could well be a bit of congestion around current highs.
TF should also get [...]

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Market Report for March 4th 2010

March 4, 2010

It is a great joy when the market does exactly what is expected from it.  As mentioned a few times over the last few days, 1125 is a very strong resistance, and ES indeed stalled exactly there to then retrace slightly.
ES could now find some support in the 1114 area. Technically support would be stronger [...]

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Market Report for March 3rd 2010

March 3, 2010

ES carried on rising purely on momentum to the resistance area, and stalled in the 1120 area as expected.  It is now more hesitant than actually looking at retracing significantly.
A support around 1114 could be found, followed by some congestion.  If buyers don’t give another go at 1125 again today or latest tomorrow, the pivot [...]

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Market Report for March 2nd 2010

March 2, 2010

ES passed our target to stall a little higher around 1115, and could unconvincingly try and hit 1117 to 1119 today (very strong resistance on 1125).  We still have longer time frames weighing a bit, so we must remain quite cautious here.
TF broke more decisively to 641, but like ES, we have to be careful [...]

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Market Report for March 1st to 5th 2010

February 28, 2010

February has been pretty much undecisive, first down, then bouncing up to Fib PR2, to now hesitate again about the way forward.  How does this first week of March look like ?
The current situation is again a congestion with an upward bias (intraday), pure congestion (daily) and a congestion with a downward bias (weekly).  A [...]

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Market Report for February 26th 2010

February 26, 2010

ES was definitely only worth looking at on intraday time frames.  The congestion or confusion at daily/weekly channel is still causing volatility which provides short term trading opportunities.
The daily chart bounced nicely, but the energy is not qute there, and the weekly chart is more looking at sinking again soon.
Our scenario for today is some [...]

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