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July 13th, 2010: Update 1 – Pre-market

Posted by pugsma on July 13, 2010

8:30 am EST:  ES Futures traded down to 1074 (1078 cash) overnight, then exploded higher to 1085 (1089 cash) as it hit the lower ES channel edge.  I was predicting a move to 1097 today in the EOD update last night.  I still think that area as the obviously target, as it’s the upper channel edge of the down trendline off the 1220 April high.  This move looks likes wave (5) -1-[1]-P3, but I’m not ruling out a wave (3) subdivision and a push even higher.  I’ve had a target area of 1095 to 1105 for the completion of this wave since my 1010.91 bottom call on Friday, July 3rd.   But we need to watch to see if there is even more strength.  SPY Max Pain is at 110 or SPX 1100.  So, let’s see if they want to pin SPX near 1100 going into OPEX Friday.

SP-500 ES Futures (8:16am):

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