Hey Traders,
if you were following along Intraday Analysis on the blog, what seemed as choppy day today was actually rather tradeable with turning points identified relatively easy. The daily market picture has not changed much:
esdaily2009-04-08_1617Today’s trading hours action traded with 23 point range with no significant technical damage done.
Es has been reacting really well to retracement from GLOBEX or overnight session extremes, 50% retracements of which helped pin point tops of past two days within a tick:
2500es2009-04-08_1622Note how well 833.25 and 825 retracements reacted and marked highs of past 2 days (and no, not hindsight, was actually calling for those levels in intraday analysis)
825 Ambush zone is key for bears to defend to prevent retest of the highs in 840s, and 813.75-811.75 area is key for bears to defend to prevent a move to 800s if not start a first significant pullback of the whole rally. 800 is 23.6% retracement of this rally and 773.75 is 38% retracement of the rally, which would be a healthy retracement for this amazing rally in the markets.
Euro came close to retesting the key 1.31 level and then bounced about 150 pips intraday. Still no significant levels broken on the euro:
ecdaily2009-04-08_16251.31 level is key on the euro, as decisive break below there means likely retest of 1.245 level with a possible trip into 1.1##s. 200ma is also catching up recent high of 1.3736 and should be very significant resistance level on the upside.
ec25002009-04-08_16261.3364 area should act is intermediate term resistance on the upsde with 1.3095 strong support on the downside, will be watching for action at those levels for further clues.
Markets are closed on Friday April 10th, so expecting Friday-like action tomorrow, likely on lower volume.
Thanks for visiting and good trading
Vlad