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July 23rd, 2010: Update 1 – Pre-Market

Posted by pugsma on July 23, 2010

8:25 pm EST: ES Futures traded in a narrow range of 1085 to 1095 (1089 to 1099 cash).  Looking at the waves in the ES Futures, it’s possible we’ll attempt to test the ES 1099 (1103 cash ) area this morning.  So maybe wave i-(3)-3-[1]-P3 has not yet ended.  After it ends, I’m looking for a pull-back to the ES 1081 (1085 cash area) to back-test the break-out in wave ii-(3). 

There is a possibility that they will use the EU Back Stress Test released at noon EST, to drop the market in wave ii-(3).  But keep in mind that in a wave (3) pull-backs should be small and surprises to the upside are more normal.

ES Futures (8:12 am):

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