This report is becoming a little repetitive, day after day, with ES in slow erosion mode while keeping marginally above (D) resilience level. We do notice a reduction of the (4H) range with lower highs, yet it is not possible to predict if/when 1170s lows will break today, tomorrow, next week … We will therefore acknowledge disspation of residual bullish pressure on (D+/W) so the long overdue retracement shouldn’t be too far now.
As in previous reports, TF has definitely helped keeping ES on higher grounds thanks to a more bullish congestion on (D/W). Lower (4H-) frames are however here also showing visible weakness, so we will here also check 719 which is a mid range test point on (4H). TF could however hover in the lower part of that range for a while still, and (D/W) retracement will only be confirmed when 703 is clearly tested and broken. For the time being, only sub (1H-) time frames are worth monitoring for possible swing trading.
EURUSD fell steadily yesterday, with relatively easy targets updated through the day. The Euro however did not quite reach our last one on 1.295. The (D) chart indeed points for some profit taking motivated by a Fib target on 1.303 and overall a lack of level coordination across time frames. Upward retracement potential remains very limited on (2H/4H). Alternative charts (like Kase Bars) may provide interesting swing opportunities.
T-Bond Futs: Reached 128 yesterday as anticipated i.e. within (4H) range. (2H) swing trading possible today. Note that (D/W) may try and congest near (D) Fib, then test 125 i.e. (D) lows again over the next week or so.
( Posted 6:40 AM UK )
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