ES has been a little volatile on (1H-), partly explained because of a strong resistance on 1242, i.e. ahead of the almighty 1250 longer term players want to have a go at. Along the way, a Fib target on 1245 was hit, and we can only anticipate the same continuation of a choppy bullish congestion ahead of that salient key point.
One the hand, TF has already hit a relatively strong (2H-) resistance on low 780s with here again longer (4H+) time frames still quite bullish. As mentioned in previous reports, it is difficult to estimate when a long overdue pullback will start (probably early Jan).
EURUSD is at the moment in soft landing mode above 1.31 with another test of the 1.318 level (support turned resistance). Higher (D+/W) point for some bearish congestion in the 1.303 – 1.306 area, but in the meantime, we’ll watch whether the Euro hovers north or south of the key mid range (4H) point, i.e. 1.318. The current configuration would suggest further erosion but selling pressure is quite low.
T-Bond Fut. (@US): bounced to resistance / Fib around 122 to then lose ground again. Support on mid (4H) range point (120 10/32) is likely for now, to then probably settle lower (4H+).
( Posted Tue 5:45 AM UK ) – Fewer updates today, slowing down (like markets) ahead of XMas. No reports next week.
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