Market Update, 2009.08.07

7. August 2009
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ES 60 min:  I've been tracking a rising wedge this past week and I kept seeing it retest the bottom of the wedge.  Today it seemed to all come together at the peak, right at a fib extension line (2.786).  The fib extensions are taken from a measurement of the little blue arrow. It seems we have also closed right at support (1006).  

  

ES Daily:  Looking at the daily, if we take an extension of the recent pullback, we see we hit the 1.618 fib extension right at this 1015 area as well.

 
 
ES Weekly: Taking a look at a weekly ES chart (Oct 2007 highs to today) and how all the fib levels seem to line up so nicely with price action.  There are some levels on there that may seem unfamiliar. Here is how I came up with a few obscure ones.
  • 0.214 = 1.0 - 0.786
  • 0.107 = 0.214 / 2
  • 0.893 = 1.0 - 0.107 
As you can see, we are right at that 50% level!
 
 
 
ES Weekly: Same chart, but taking the fib measurement of the entire move (instead of the pivot at 1374.50 (8/13/2007)).  This shows the current price right at the 0.382 level (1017.50).  Either way you look at it, we are at a resistance level.
 
 
 
 

Market Update

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