ES will not reach 1203 this time… In fact, short (1H-) time frames have taken the lead and the sudden profit taking in two stages yesterday stopped on (30m) stall. It should now lose some ground to high 1180s (2H-). (4H+) time frames are not quite aligned, making it more difficult to analyze the market over the next few days. ES should drift while trying again to stay above (D) resilience and prolong (D+) congestion.
TF is also a little directionless (2H) with some erosion first (1H-). TF should eventually drift down (711, 703, …), with the 700 area again being test resilience area on (D+). TF does not seem ready yet for a sizable retracement (W) but is looking at it …
EURUSD has moved to a new regime where (1H-) are dominant, hence the quick PM report last night was rapidly obsolete. EURUSD pierces 1.367 which it is now testing for support. (2H+) actually point for a deeper retracement, but at the same time (D) will most probably confirm a higher bounce (lash-back) if it keeps above 1.367 now. It would then aim at 1.376 and maybe higher, otherwise: 1.363 and lower.
T-Bond Fut (@US):
Bounced on (2H/4H) stall level but (4H+/D) still in a quite bearish congestion above key support (above 125). This should squash buyers’ appetite although it can still reach (2H) range highs and congest below 128.
( Posted Fri 1:30 PM UK )
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