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July 29th, 2010: Update 1 – Pre-market

Posted by pugsma on July 29, 2010

8:55 am EST:  ES Futures traded between 1102 and 1108 (1106 and 1112 cash) overnight and maintained the lower channel line.  The ES Futures are indicating that wave (4) is over and wave (5) up is undersay.  Let’s see how the cash market feels about that scenario today.    Again watch ES 1093 (1097 cash) for some support to the downside and the ultimate limit for the primary count to remain valid is ES 1085 (1089 cash).  To the upside we have to get through ES 1116 (1120 cash) to confirm more gains are ahead.  Targers for wave (5) are 1135 to 1155 as indicate in the EOD post last night.

On another note Dr Copper continued to break-out higher overnight and the US Dollar continued to drop.  Both are bullish for stocks.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=80938497-f256-4249-963e-c1d0085c3214

ES Futures (8:34 am):

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