Market Report for April 14th 2011

by bv on April 14, 2011

Daily morning market report on futures and forex: ES, TF, EURUSD and US (T-Bond Fut.)


- ES bounced back to Fib near 1320 as anticipated yesterday. On low volume, it was short-lived, followed by another test of lows. Failure to stay above 1313 is indicative of bearish congestion in this range to possibly aim for lower support (~1300) as mentioned yesterday. (4H+/D) show the same recovery pattern subject to passing 1313 again (cf. last report).

- TF is in a similar situation, holding stall level around 820, with residual bearish pressure on (1H-) and a clearer recovery pattern on (4H). TF needs to move away from this congestion area (bearish resilience test level on 825), and then pass Fibs one by one. Since (4H+) are pointing for bullish congestion at best, creeping back to highs remains uncertain.

- EURUSD bumped on 452 early in the day (see Twitter) to engage in some profit taking to 440 (also announced on Twitter). It is now giving another go at strong 452 resistance, with no clear indication yet of a breakout to aim for 465 (4H+/D). Another round of swings (low Kase) or continued congestion in same trading range is quite possible, as energy may be lacking to pass the 452 hurdle (same as yesterday).

- US tested 118 24/32 for support again yesterday to give it wings to rise to high 119s. This is a Fib target, which may be difficult to break. US could very well remain congest for a while. If broken, US may hover to current (4H+) highs, but also needs more time to dissipate bearish pressure.


( Posted 7:10 AM UK ) – Twitter updates on EURUSD

Previous post:

Next post: