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July 14th, 2010: Update 1 – Pre-Market

Posted by pugsma on July 14, 2010

9:25 am EST:  ES Futures traded up to 1098 (1102 cash) overnight, but has fallen to 1087 (1091 cash) this morning.  The drop this morning is the first sign of a ES channel break, and may fortell the wave 1-[1]-P3 move is ending or at least weakening.  However, the cash market ultimately decides, so we’ll have to watch closely there.   We could be seeing a wave (4) pull back early today, after wave (3) end at 1099 yesterdday.   I still maintain the 1105 target and possibliy 1115 for wave 1-[1]-P3, as loong as the 1078 to 1082 gap of recognition remains open.

ES Futures Chart (9:12am):

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