As anticipated yesterday, we saw another (2H/4H) ES cycle with a modest bounce on lows this time. Will this be now the last one … ? We will obviously check for lower highs/lows on (2H-) with high 1180s resistance and supports/targets on 2279 then 1172 which is incentally also (4H) lows. (D) seems almost ready to give in soon, but only if 1170s are clearly broken (resilience).
TF tried one more and possibl last time to test (2H/4H) resistance level on 734 where some profit taking dragged prices to high 720s. If again TF is a good leading indicator for both our indices, we may see a continuation of this (D+/W) bullish congestion, i.e. not much change probably today on (1H+) time frames, unless forex disturbs this fragile balance.
EURUSD is now approaching 1.3065 on a lower selling pressure. It is not clear on which level the Euro will try to land now as we have various supports across time frames: (4H) = 1.294, (W) = 1.303
There is no visible upward retracement potential at this point. On the contrary, we may see the Euro fall to 1.28 before the festive season starts.
T-Bond Fut: Same (2H/4H) swing trading opportunities for the time being, with a first target near 127. This would confirm again the strength of the 125 key support (D/W) tested a third time late last week. Recovery potential still looking weak on (4H+).
( Posted 6:30 AM UK )
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