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June 25th, 2010: Update 1 – Pre-Market

Posted by pugsma on June 25, 2010

9:08am EST:  In tribute the [C]-P2 wave kicking off this week, here is one of my favorite bands performing their lastest hit “Crash Years”.  This song was appropriate for 2008 and is semi-appropriate now in the middle part of 2010.  But many perma-bears will make the mistake of confusing [C]-P2 with P3.  🙂  And I just like the new tune.  Enjoy.

8:17am EST:  I was reading Springheel Jack’s (Channels and Patterns) excellent commentary this morning on the ES Futures.  Jack correctly points out the everytime the ES Futures have broken a support level (in this case 1070.5), they have fallen to the next support level (in this case 1048.40).   Since ES broke 1070.5 at 1065.25 overnight,  if ES can’t break decisively above 1075 (1079 cash) today, watchout for a drop to 1048 (1052 cash).  There is a cash market gap to be closed in the 1051 to 1058.  That could be a downside target.

7:40pm EST: ES Future set a new low at 1065 (1069 cash) overnight, but have since rallied to 1074 (1078 cash) and are threatening to break-out of the down channel.  Once the down channel is broken, I’m looking for a bounce upward toward the 1100 to 1110 area (50 to 62% retrace) over the next few trading days in wave 2-[C]-P2.

ES Future (7:30am):

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