ES is trying hard to pursue the same course with higher highs/lows. It reached high 1270s yesterday as anticipated but energy is now fading substantially. Dominant time frames are either (1H-) or (D+) with hesitation in between. We therefore reiterate that a pullback will be needed soon to sustain the current long term trend. For the time being, we’ll monitor support in the mid 1260s for a less and less convincing creeping back to highs.
Likewise, TF reached our 797 target to retrace steadily to Fib (~787), where it is currently pausing. It is not clear yet whether we will see further erosion back down to 781. Bearish congestion in the same (1H) trading range should prevail anyhow. Breaking support would certainly help triggering the consolidation needed (~750?) on (D+) here again to confirm the longer (D+/W) trend.
EURUSD fell below 1.31 as anticipated to even reach a lower target we gave more than a week ago. We admittedly did not expect this second target to be hit but sustained bearishness engaged us to move the target down (Twitter). Bearish congestion above 1.294 is now to be expected, with a pause on Fib/Stall near current 1.299. We are now on key (D/W) support levels also which could send the Euro to 1.28 …
T-Bond Fut. (US) hit anticipated support just above 119 where it bounced to Fib. Same (4H) congestion, within the same bearish congestion environment on (D/W). On breakout, lows could be tested again over the next few days even though dominant (2H/4H) time frames are rather pointing for continued hesitation.
( Posted 6:45 AM UK )
You must log in to post a comment.