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June 10th, 2010: Update 1 – Pre-Market

Posted by pugsma on June 10, 2010

10:45am EST:  Daily candle chart also shows how critical the capture of the 1080 level has become, as the 13-day EMA has been resitance the whole way down off 1220.  Also, potential bull cross on MACD and Full-STO if the bulls can hold it over 1070 today.

SP-500 Daily Candles (10:34am):

9:48am EST:  Excerpt from my intra-day premium post this AM:  SP-500 opened up nearly 19 points to 1075.   The SP-500 is very close to breaking the 7 week long down trend line off the 1220 April high (pink line).   This morning this line is at 1080 and falls to 1075 by the EOD.  If the bulls can hold the momentum above 1070, today could be a critical day in the intermediate trend change from down to up. 

Note the SP-500 15-min Chart below has had no label changes are target circles changed form the EOD post yesterday.  We are right at the cirtical circle I drew last night.  🙂

SP-500 15-min chart (8:35am):

9:28am EST:  ES Futures now point to an 18 point SP-500 open good for 1074.  🙂

8:11am EST:  Bear wake-up to 10 a point SP-500 ES Futures gain and the potential for a significant short squeeze today.  ES Futures traded up to 1065 (1069 cash equiv based new front  month contract +4) this morning.   As I stated yesterday, today would be a wave iii of either or the primary count/1st alt UP or 2nd alternate DOWN.  I have stuck by my guns that the primary/1st alt count is correct.   If the bulls can push the SP-500 past the 1075/1080 area today and break the pink down channel line off the 1220 April high, then the monmentum will be clearly back in the bulls favor for a move back to 1100/1105.  Conversely, the bears need to break 1050 and then 1040.78 to cause some panic selling.

SP-500 ES Futures 6-10-10 (7:59am):

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