Market Report for May 2nd 2011

by bv on April 30, 2011

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

- ES crept higher late in the day to almost reach the congestion area mentioned in last report (1365-1375). Residual momentum should again prevent any retracement before target area. It is difficult to anticipate where support will be found when volatility picks up, but current (2H+) resilience stands on mid 1340s.

- TF is again reaching 867 which is the lower boundary of the (867-875) target area (up to Weekly). Like ES, bullishness looks solid, yet we may have to look at a resilience around former early April highs in the 850s if current momentum fades near target. At this point in time, (W+/M) look even bullish enough to aim higher, but we should remain cautious ahead of an eventful month of May first.

- EURUSD is still volatile (cf last report), and should remain range bound above 477-478 resilience level. One cannot exclude a deeper retracement (Fib) if support breaks. (D+/W) however remain bullish enough to keep the momentum to above 451.

- US is certainly in the same mood with a target near 123 on (2H+), with no clear indication yet to then aim for a higher (D+/W) Fib.

( Posted Sat 30th PM ) – Limited Twitter updates on Monday (UK public holiday) unless warranted by unexpected market action.

Previous post:

Next post: