ES broke on the upside as we anticipated. We don’t see it passing 1141 today, but the mood is definitely more bullish. The longer term trend could take ES up to the mid 1160s this week.
TF is also following suit and is now aiming at around 680 to 687 with a possible short term stall around 670. Energy has picked up a little on the weekly chart but we’ll remain cautious as the bull trend could still stumble around our next target.
EURUSD bounced on 1.355, so we were certainly right to check intraday support levels on Friday. 1.367 remains our key level going forward, and it has not been ‘cleared’ decisively just yet. If it stays above that level today, a return to above 1.40 is possible within the next 2 weeks. Should the market be a little more hesitant, the retracement potential will be limited. We wouldn’t see EURUSD fall below 1.361 to 1.363.
( Posted Monday 7:20 AM UK )
