Wednesday, 8 May 2013

Emini S &P....Plus Victory in Europe Day ( another holiday in europe) Plus UPDATE

The e mini S & P has at last halted with a double top during the European Globex session this morning and has now eased back to 1617.50. We have penetrated the CL of the local d/s fork seen in both chart shots below. The issue is where are we going? We have two options ( obviously) and i think today maybe a down day taking us back to 1614 where I maybe tempted for a long. Remember our objective of the dominant CL and PF lies at around 1632 today ( dependent on price and time) and if we were to retrace seriously last Fridays NFP's move up then we will be ' gone for some time' at lower levels and the current momentum would be lost. Alternatively, a rally from here or hereabouts to restest this mornings failed HH at 1621.75 is a less likely posisbility. My advice is look for horizontal support on historical/important PF's 1614.40,  1616.00, 1612, and 1608 are all strong support. All eyes on the opening in 10  mins.
Today is another Holiday in France ( we have another tomorrow 9th and another was last week on 1st May and please remember every Monday 365/52 all professions such as banks/lawyers/accountants/doctors/vets are always closed)and other European countries Victory Day- and if it were not such an important one i would start my usual Anglo Saxon moaning about " It's a wonder how these Europeans get any work done at all". It ( Victory Day) is for people of my generation (!) perhaps less important than it was as a child in the 60's,70's now that this has passed from living memory and the folk of that generation are long gone and we are I think the poorer for that fact....especially since it has entirely shaped the modern world more than any other event since the birth of Christ. Here below are a selection of my fathers photos of the Liberation of Paris in 1944
 Link 1
Link  2
6 PM London Update

Video link 5pm London

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