Monday, April 27, 2009

2009-04-27 Market Watch

7:35am: ES bounced back up from the 847-848 support.

image ESM9 2-himage market breadth

image CL and DX hourly

8:37am:ES cannot break the immediate support at 861.75.

image ES 1-min image SPY 5-min

10:02am: oil is dropping down, so is ES.  EUR/USD favors the down side.

image market breadthimage ES and CLimage EUR/USD daily

10:20am: prepare for more downside:

image ES and DX

10:51am: EURO crashed.  Wait for the response from the stock market.  Sell signal on INDU hourly chart, confirmed by volume.

image eur/usdimage XLF hourlyimage ESM9 2-hr image INDU hourly

EOD summary:

INDU hourly chart has given a sell signal and this has been confirmed with the volume indicator.  XLF is neutral with a little bit distribution pattern on the hourly chart, and buy signal on 15-min chart.  SPX/ES wave counting is still the same, and more correction is needed.  EUR/USD has broken down and the stock market should follow.  The crude oil is neutral.  Market breadth and most technical indicators are neutral, the market may seesaw for a longer period, no big sell off is expected.

image ESM9-2himage EUR/USD dailyimage CLm9 hourly

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