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July 19th, 2010: Updated 1 – Pre-market

Posted by pugsma on July 19, 2010

9:15 am EST:  I added in an alternate (purple) for waves iii and iv-(c)- 2-[1],  in case wave (c)-2-[1] wants to test the ES 1054 (1058 cash) level early this week.

9:00 am EST:  ES Futures traded between 1060 to 1069 (1064 to 1073 cash) overnight, so they held the ES 1059 (1063 cash) low from Friday.  It’s key that ES holds the 1054 (1058 cash) support, which is right at the 50% fib retrace level.  And if that area fails, then the fall back for wave 2-[1] is in the ES 1039 (1043 cash) level.   The first level to watch to the upside is ES 1086 (1090 cash) to confirm the move down for wave 2-[1] is over, by producing a wave iv into wave i violation.   There are resistance levels in the cash market at 1071 (20-day SMA) and 1074 (13-day EMA).

SP-500 15-min real time chart link: http://www.freestockcharts.com?emailChartID=a1d01510-e8ad-45e9-b29a-005a9959e7f8

ES Futures Chart (8:20am):

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