Short market report half way through the silly season:
ES has been rising this month without any significant opposition from sellers, and even seems to ignore the 1250 level now. This may be due to a Fib pattern giving a target on 1256 (maybe 1273) first. (D/W) time frames are certainly quite bullish but profit taking will be necessary in the next couple of weeks, so locking some level of profit is recommended.
TF has not been left behind in this momentum-based buying spree. It should reach mid 790s where volatility should pick up. A pull back to 750 would make sense, even though (D/W+) time frames are clearly aiming relentelessly at mid 830s.
EURUSD is now in “soft landing” mode in (D/W) where selling pressure is abating a little. The Euro should test current lows (~1.306) where support is visibly strong. Slow congestive erosion should however continue, with test levels on 1.30 and maybe slightly lower 1.2935.
T-Bond Fut. (@US): In bearish congestion mode in (4H/D) with strong support just below 119.
Faster (4H-) have a mid range pivot point (intermediate support), while slower (D/W) are more decidedly bearish.
( Posted Dec 25th ) Next report on Jan 2nd
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