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July 21st, 2010: Update 1 – Pre-market

Posted by pugsma on July 21, 2010

8:55 pm EST:  ES Futures overnight have traded higher to 1087.5 (1090.5 cash).  I’m looking for this wave (1)-3-[1]-P3 to reach the 1095 to 1105 area.  There is a gap in the 1093 to 1096 area that chould be the first target area for today.  Remember a break above 1088 is a break above the important 50-day SMA and above the down trend line off the April 1220 high.  This is quite significant for the bulls, as these resistances lines have capped any move higher for the past 3 months.  Support is now in the 1068 to 1074 area with the 20-day SMA and 13-day EMA.

SP-500 15-min real-time chart: http://www.freestockcharts.com?emailChartID=c5a2d3e0-8994-448c-a74c-60502b51eb7b

ES Futures (8:40am):

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