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Aug 9th, 2010: Update 1 -Pre-market

Posted by pugsma on August 9, 2010

10:15 am EST:  FreeStockCharts is back up.

SP-500 15-min chart real time link: 

On the 60-min chart with MACD the signal line is nearing a bull cross and the histogram is about to cross the zero line.

SP-500 60-min chart real-time link:  http://www.freestockcharts.com?emailChartID=f1fbc5ab-e2c4-4572-98d8-6f566415294d

9:20 am EST:  ES Futures traded between 1116 and 1125 (1119 to 1128 cash) overnight.  So ES has almost made it back the old high of 1128 (1131 cash).   That is a very strong rebound of the Friday afternoon low of ES 1104 (1107 cash).

The primary count is that we are in wave 3-(3)-3-[1]-P3.  The target for wave 3 is near ES 1147 (1150 cash).  The primary count needs to fight through resistance at ES 1128 (1131) in order to really get going higher.  And the primary count should hold above the lower trendline of ES 1110 (1113 cash) today.  The 200-day SMA at ES 1112 (1115 cash) should provide support.

The alteranate count is that we are in wave B-2-[1]-P3.  I have this wave 2-[1] playing out as a 3-3-, A-C flat but it could also morph into a ABC-X-ABC double Zig-Zig if it decides to head much lower.  For the flat Wave B should end around ES 1128 (1131 cash).  Then a wave C should drop to targets of ES 1090 (1094) if C=1.62, 1077 (1081) if C=2.2A or ES 1067 (1071 cash) if C=2.62A.  The key for the alternate count playing out is to break though the lower trend line around ES 1110 (1113 cash) today and then break through the ES 1098 to 1103 (1102 to 1107 cash) Gap.

I will be driving back from St. Louis to Chicago today, so I will not be able to post intra-day chart updates.  I will post an EOD update later this evening when I arrive back in Chicago.  I will try to post in the comments section today, if I see a need.

SP-500 15-min Chart real-time link:  The FreeStockCharts.com service appears to have an issue this mornng, so I can’t provide a real-time link.

ES Futures (8:33 am):

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