Market Report for April 29th 2011

by bv on April 29, 2011

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


- ES almost reached strong 1359 resistance where it shed a few points. There is no reason to believe in any significant retracement today, and volumes should even be lower on this royal wedding day followed by another long weekend. A breakout on momentum is also possible although it would likely only translate into a congestion in the above trading range (1365-1375) and this can wait until next week…

- TF climbed over 860 as anticipated to stall on 867 Fib target (cf yesterday’s report). As for ES, TF is now entering a fairly bullish congestion area south of 875 (congestion because of momentum expected to decelerate as TF approaches strong resistance across all time frames.

- EURUSD lost a bit of ground as mentioned on Twitter yesterday, to bounce twice to 485. Those ripples are not easy to follow so it is not clear whether there will be enough energy to go for highs again although like our indices, momentum should keep on carrying the Euro. (D/W) indeed look set on a course to 513 or higher once 489 is passed.

- US: bullish congestion around strong resistance on high 121s. US should however slowly pull itself from this momentary hesitation area to aim for 123 (4H+/D), where we will check for a (2h/4H) reversal.


( Posted 7 AM UK )

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