ES found support on (4H) range lows, with (4H+/D) still congesting and hesitating to go lower. Current dynamics will depend on same range boundaries for the next couple of days. We can not discard a breakout either way, or even an upward breakout to Daily Fib (low 1070s) without affecting the (D/W) bearish configuration scenario.
TF bounced just above our target yesterday, then congested all day. 610 is a resistance level in lower (4H-) time frames, possibly opening the door to a rise to low 620s but this would not change our (4H+) outlook of a continued bearish congestion going forward (plain congestion at daily level, more bearish o weekly chart).
EURUSD:
We aim conservatively at 1.264 yesterday as the same bearish congestion is here showing more volatile in shorter time frames (2H-). The Euro can therefore climb to (1H) Fib target (yesterday’s high) or even unconvincingly back to (2H/4H) range highs without yet changing our D/W outlook. Having said that, our D/W scenario has for a while been of a higher low (above 1H2010 lows), which could be : current lows, or 1.244 or 1.22 and further continuation above 1.26 with possible excursions towards mid/high 1.27 will soon confirm that low.
We should then see lower volatility and the exchange rate stabilizing (W+).
( Posted 7:25 AM UK )
Update (forgot latest symbol addition):
T-Bond (Symbol US) stalling on current high levels, but could then creep higher (weekly chart). Overall top is near in any case.
