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July 16th, 2010: Update 1 – Pre-market

Posted by pugsma on July 16, 2010

6:30am EST:  ES Futures traded in tight range of 1086 to 1092 (1090 to 1096 cash) overnight.  I’m expecting a challenge of the ES 1106 (1110 cash) level based on the ES mid-channel line.  Looking at the ES channel wave 1-[1] may not be complete, and yesterday was wave (4)-1[1] and not the start of 2-[1].  Thus we are currently in wave (5)-1-[1] and the wave 2-[1] retrace lower will be early next week. 

ES Futures (6:19am):

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