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June 9th, 2010: Update 1 – Pre-Market

Posted by pugsma on June 9, 2010

8:15am EST:  ES Futures continue to climb this morning 1066 (1067 cash equiv).  The key area to watch in the 1070 area in the cash market.  There is an inverse head and shoulders neckline at 1070 that once broken could lead to a test of the 1100 level.  And as I mentioned yesterday this 1070/80 area is key for the bears to hold if they want to maintain the down trendline.  We could see a test of the 1070 area early and then a drop to the 1050/55 area to form the the right shoulder.

SP-500 ES Futures Chart (7:52am):

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