Market Report for March 30th 2011

by bv on March 30, 2011

Daily morning market report on futures and forex: ES, TF, EURUSD and US (T-Bond Fut.)

- ES broke 1312 key level yesterday to now rise to 1323-1324 and then probably to near 1329. We are still in bullish congestion mode on (D/W) i.e. on a momentum based rise to go test highs as suggested for a few days. At this point in time we have no clear (D/W) indication yet that mid/high 1330s will be broken but the (1H/2H/4H) outlook will have to be update as ES passes above test levels.

- TF crept back to near daily highs and despite some resistance on high 820s, should aim for 836 and even 840. Like ES, TF is also set to sustain the same momentum even though hesitation on highs is normal. Once it is cleared, (D+/W/M) may well aim straight for 875. At some point (maybe upon hitting 836 or 840), 828 will have to be tested for support.

- EURUSD tested 410 as resistance to send the Euro lower to probably reach 404-405 again (intermediate Kase target on 406). Unfortunately no clear pattern today – Narrowing of the range is generally prone to volatility spikes and breakouts. There is no indication of (2H) lows breaking – Bounce potential on building up on (1H).

Caution should be exercised near 404 target area(range lows).

- T-Bond Fut. (US): should keep drifting to 119 9/32. Stall level near current lows (mid 119s), with a very strong support on high 118s.

( Posted 7:45 AM UK ) – Limited Twitter updates today

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