PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

Aug 5th, 2010: Update 1 – Pre-market

Posted by pugsma on August 5, 2010

7:45 am EST: ES Futures again traded in a tight range of 1122 to 1128 (1125 to 1131 cash).  This wave v-1-(3) continues to slowly wedge it’s way higher.   If it’s the ascending triangle shown late yesterday it could continue to about ES 1133 (1137 cash).  Beyond that there is a real possibility of a bullish break-out above the large bearish rise wedge, which would obviously open the door to a run much higher (1150+) without the pull-back I’m anticipating for wave 2-(3).  However, I still believe this wave will end here around 1131 to 1137 cash market and we’ll get a 50% to 62% retrace of wave 1-(3) in a pull-back for wave 2-(3) toward the 1102 to 1107 cash market gap.  This area is key support to hold for the primary count.  And I think the wave 2-(3) retrace will come on the “sell the news” of the Friday’s job report.  Obviously, if they “buy the news” then the break-out upward above the large rising wedge is possible and this will be very bullish confirming a higher degree wave (3)-3-[1]-P3 move.  It’s a very import next few days to a week of trading.  The bulls can take complete control if they can force a sustained move above 1131.

The alternate count of the leading diagonal would be eliminated on a upward break-out  above 1137 of the large bearish rising wedge.  And it would be confirmed on a break-down below the 1102 to 1107 gap.  So we have some key area to watch.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=cf6ae752-fde5-4794-9ec7-413acc1d346e

ES Futures (7:12 am):

Sorry, the comment form is closed at this time.

%d bloggers like this: