Market Update, 2009.09.07

7. September 2009
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Labor day is over and time for volume to return to the market.  Many markets are very close to notable levels.  Will they continue to hold?  Should make for an interesting week! 

ES Daily: As mentioned in a previous post, the current movement is very similar to one that we saw back in June.  Could this be a window into this week?  A pop to 1027 area wouldn't be out of the question, however. 

 
 
NQ Daily:  The NQ has broken down out of the rising wedge and is now testing the bottom of it.  
 
 
 
YM Weekly: The 11/3/2008 high is still holding on the YM.  

 
 

$TRAN Weekly: The transports are still holding the 50% retracement level.
 
 
 
$BANK Weekly: The level mentioned in the last market update is holding. 
 
 
 
ZB Daily: So far the double top in bonds is holding as well as finding support on the 34 volume weighted MA (red MA).  The close below the 21 ema (green MA) is a bearish sign, but the fact that the 21 ema remains above the 34 vwMA, I remain bullish.  Also note, we are also nearing a 50% retracement.
 
 

 
CL Daily: So far, crude found resistance at the 1.272 fib projection of the last move (see blue arrows) and fell below the wedge (red lines).  However, it is also nearing/hitting a 50% retracement, which could be a good spot to rally.  Based on the last pullback, a pullback to 67.44 is to be expected (the area we are in).
 

 
6E Daily: The Euro continues its dance within the channel.  However, the wedge seems to be becoming a symmetrical triangle, so expect a break.
 
 
 
DBB Weekly: (Metals ETF) The 50% level continues to hold.
 
 
 
IYM Weekly: The 50% retracement shown below continues to hold.
 
 
Good hunting traders!
 
 

Market Update

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