The word of caution yesterday was definitely warranted yesterday, and after some hesitation which turned into a double top, ES fell steadily breaking all Fib support levels (Note that Twitter updates are posted from 7AM to 3 or 4PM UK only). (2H-) point for a possible soft landing now on lows and as mentioned so many times, Kase and Range charts are doing great in times of indecision on higher time frames. We do note a possible target on 1289 then 1283 if current lows break today. It will still take a long time before we can confirm a (D/W) reversal though.
TF followed the same path with a support now just above 800. It could and should however settle a little lower in the mid 790s first. We will then eventually review our targets to below (D) lows. Both our indices need a breather now especially TF which has been tinkering with 2007 highs.
EURUSD: We indicated yesterday that there was no energy to break the 3855 resistance, hit 3 times before buyers finally retreated. We monitored 3795 support (Twitter) which broke fairly easily to 375 as a (1H-) soft landing spot. (2H/4H) is also tilting slightly allowing for a swing down to range lows and higher (4H+) time frames have not really budged since we are still above the 367 test level on (D).
In the short term, upward retracement potential is limited, so further drifting would be in order, which we will follow on our favourite KAse charts. We note a strong support on 373 which should be tested.
T-Bond Fut. (US): still trying to extract itself from current range highs to aim for a higher Fib. (2H) is indeed pushing but (D) is showing more signs of a necessary retracement coming. Our immediate target is therefore 121 3/32 where one could see a pullback to high 118s.
( Posted 6:40 AM UK ) – Twitter updates on EURUSD
Twitter: My apologies for not always reciprocating followership. It is important to keep this feed as focused as possible. The point is NOT to build numbers, which would be just another form of spam to me…
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