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Nov 19th, 2009: Pre-Market – Watch 1103 Area

Posted by pugsma on November 19, 2009

8:20am: The futures are down considerably this morning.  SPY is off about 8 points, putting the SP-500 at about 1103.  1103 is the bottom of the triangle.  It could be that my labeling on the triangle was off last night.  Here is an alternate labeling that has the e-leg dropping to 1103 this morning.  1103 should cause a reaction upwards, if we are still in wave iv of the uptrend.

If 1103 breaks, then look for 1097 for confiramtion of a trend changes.  There is now a better possibility this morning that the b-leg peak of 1113 maybe confirmed and we are headed back towards 1050.

1-min Chart:

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