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July 22nd, 2010: Update 1 – Pre-Market

Posted by pugsma on July 22, 2010

8:45 am EST:  ES Futures held 1060 (1064 cash) overnight and have traded up to 1077 (1081 cash) early this morning.   This is precisely the action the bulls needed, as a save above of ES 1053 (1057) was critcal overnight.  Watch for a break-out above ES 1083 (1087 cash) to confirm the Diamond Bottom Reversal Pattern.  1087 cash is also the 50-day SMA.  To the downside, bulls must protect 1057 or else the 1st alternate count that targets 1040 to 1044 for wave 2-[1]  is in-play. 

Also, on the bullish side Dr Copper is up again over night to 3.15, which is above the point when the SP-500 was at 1131 !!!  Dr Copper has led all of the SP-500 major trend changes since it bottomed in Dec 2008, 3 months ahead of the SP-500 bottom of March 2009.  Typically Dr Copper has lead by a few days to a week.  So keep a close eye on it here.

ES Futures (8:30 am):

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