Market Update, 2009.10.05

5. October 2009
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ES Daily: After a nice pullback last week, we found support at an ascending trend line (blue line), the 8/7/2009 high (1016), and the 1.272 fib extension of the initial move down (all around the 1016 area).  Today (Monday) we rallied to the 8/28 high (1038.75).  This level is a level to watch tomorrow to see if the bull break it higher or if we will continue back down and below the blue trend line.

 

 

$INDU Daily (Dow):  The Dow broke through the ascending wedge (thick red lines) and found support on the trend line from the recent swing lows (thin red line).  This level also lines up with 8/7/2009 high.  Like the ES, resistance was found today at the 8/28 high.  Tomorrow will be telling of the market's direction.

 

6E Daily (Euro):  The euro came close the 50% long at 1.4443, then rallied to the 50% short at 1.4665.  This is an important area to watch for tomorrow to see if the bulls can carry this higher or if the bears will see this as an add spot.
 
 

 
CL Daily (Crude Oil): Support was found on the 1:1 fib extension (65 area) and rallied up to the bottom of the recent support (now resistance).  As you can see, CL is moving very precisely and technically between the Fibonacci levels.

 
 
DBA Daily (Agriculture):  DBA made a quick 50% retracement from previous highs and quickly returned into the downward channel.  Today gave a retest of the top of the channel.  Watch for a continued move down into the channel. 
 
 
 
ZB Daily (30 yr Bonds):  After a bounce off the 50% retracement, bonds are finding resistance at the top of the ascending channel and the 5/15/2009 high.  Bonds are also hitting AGET's MOB (big green area). This will hopefully give another entry to the long side after a pullback.  

 
 
ZG Daily (Gold): After a nice 50% retracement from the beginning of the big pop, gold has broke above the downward trend line (descending blue line).  This was also a nice AGET "False Bar" setup on the stochastic.
 
 
 
 

Market Update

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