5/09 Indices, page-373

Just to add 6770 still an important support on Aussie.

ES 4111 then 4135 upside - but very similar set up to Aussie with Vol res getting heavy there

However, currently there is most short positions open on record in market.

If CPI surprises in a good way then ES may take a swift ride to 4220 (potentially 200dMA at 4270ish - that's extreme though)

If this were to play out and rip was quick then I'd be very cautious taking longs up there as I believe it would be short fueled not value buying...

And obviously, downside risks are well known so any drop would not surprise either.

I'm expecting range from 4035 - 4111 till CPI
(watch for any false moves in lead up though)