ES pursued its slow ascent to 1339 as mentioned yesterday, and is now getting closer to a true test level. We do notice it often follows some “quantic” steps of ~ 7.5 points. It for instance reached 1336, pulled back to 1328, then back to 1136 and is now aiming for 1343 which is a very strong (4H-) resistance. (D+) are still pushing though.
In the short term, faster Kase charts indicate a necessary test of 1336 and a pause on 1339 again (bullish congestion).
TF followed the same path with a short term resistance near 836, incidentally also a (2H+) stall level on the way to strong resistance on 843. Like ES, despite some expected bullish congestion above current highs, (D+) while in reversal territory seem willing to push higher for now.
EURUSD which we follow more closely throughout the day bumped on 361 (cf last Tweet yesterday) and is now subject to conflicting forces with apparent bullishness on (1H/2H) to try and take the Euro to close to 3625-364 and maybe 367 (unlikely). Shorter time frames are theoretically on the same page, but lack energy hence congestion or bullish congestion should dominate the scene for the time being. Kase charts will be necessary to determine a support (range lows around 358) to eventually align with underlying bullishness again. Note that (4H+/D) are looking at peaking even though it would be followed by congestion rather than a clear reversal.
T Bond Fut. (US) surprised us a little with stronger buying to higher (2H/4H) Fib in the high 119s. While overbought, bullish congestion is anticipated. We notice that a Fib retracement will be necessary to test a high support which may eventually signal a (D/W) bottom. (W) has a recovery pattern ready (supported by a Fib level on 119), but is still way too bearish for it yet.
( Posted 6:40 AM UK) – Twitter updates on EURUSD
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