Market Report for February 25th 2010

February 25, 2010

ES hovered above the 1094, rose a bit to then test the level again, nothing unusual… As anticipated in yesterday’s report, t then bounced to 1105, i.e. not quite as high as previous day’s highs.
Today the continuing congestion will again depend on ES’s behaviour on range boundaries.  At this point in time, there is no [...]

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Market Report for February 24th 2010

February 24, 2010

Markets didn’t get the boost that was required to go higher (cf yesterday’s report), and ES on the contrary pulled back swiftly to the 1094 level.  Support was to be found around 1094 (MM) to 1090 (Fib), so ES still moves “quantically” between predictable levels.
The same support zone applies today with a mild upward bias. [...]

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Market report for February 23rd 2010

February 23, 2010

ES has stalled on 1110 yesterday, but seems in a position to give it a go again. We still have somewhat conflicting forces across time frames, from bullish (intraday) to some bearish congestion on the weekly chart.
That 1110 level is an important Fib retracement level but it can still be passed to aim at 1117 [...]

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Market Report for Monday February 23rd 2010

February 20, 2010

ES bounced on the 1094 level on Friday, and the opportunity was fairly easy to catch (OCO stop orders), with the same target around 1107 (daily Fib).
Short term time frames up to daily point higher, so another break at this level will probably take prices to 1125. The weekly chart remains congested.
Note that at this [...]

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Market report for February 19th 2010

February 19, 2010

ES did the little catching up exercise we had in mind with TF having led for a while. It reached 1106.75 (vs 1107 in yesterday’s report…) to then collapse after hours in low volumes though. There is however som buying potential on current level (~1094), otherwise, ES will fall straight to low 1080s again.
The longer [...]

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Market report for February 18th 2010

February 18, 2010

ES broke the 1094 level, then tested it again for support, which is a good sign for higher highs. It could therefore now creep to 1107, 1110 maybe.
Conflicting forces are still present across time frames but the next battle around our new targets should provide us with a better indication going forward.  The weekly chart [...]

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Market Report for February 17th 2010

February 17, 2010

ES broke quickly on the up side to reach our target in a straight line (after the close). Volumes are a little thinner than usual but we may more fighting now on current levels. It isn’t clear yet whether resistance will break to open the door to the next target  to near 1110.  Again, daily/weekly [...]

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Market Report for February 16th 2010

February 16, 2010

Markets were closed yesterday, so little change from our previous weekly report.
ES needs to pass 1078-1080, which may be possible but bearish congestion still seems to dominate on daily/weekly.charts.  After a long weekend, we can’t discard a volatility spike and a breakout to low 1090s, but a return to low 1060s is possible after the [...]

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Weekly report for February 15th to 19th 2010

February 15, 2010

ES has been traveling down and then up again in its 1062-1078 range, with some residual buying potential on short time frames, and still pointing toward bearish congestion on the longer daily/weekly charts.  Congestion can always be prone to volatility spikes on news announcements, but in absence of exogenous shock, ES should see some erosion [...]

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Market Report for February 12th 2010

February 12, 2010

ES was cheeky enough yesterday to stop one tick short of our target to carry on hovering in the 1070s. While there is some residual upward bias in the short term (mid 1090s?), we do not change our scenario (see previous reports) pointing towards some bearish congestion.  1062 will in the next week or be [...]

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