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Aug 13th, 2010: Update 1 – Pre-market

Posted by pugsma on August 13, 2010

7:10 am EST:  ES Futures rose to 1089 (1092) and then completely colapsed back down to ES 1075 (1078 cash).   This demonstrats how important it is for the SP-500 to move back above the 1088 to 1090 area and hold above it.  The 50-day SMA area of 1088 has now become resistance, which is bearish unitl it’s broken above.

The wave (4) of C in the ES Futures looks like an expanded flat.   But in the cash mark wave (4) looks like a triangle.  In either case, we are looking for a new low today around ES 1067 (1070 cash) for wave (5) of C.   Again, the best case scanario for the bulls is some type of early morning wash-out to close the 1070 to 1072 gap and then a rebound into the close.   If no rebound happens, this will be extremely bearish.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=b502c5c4-5db5-4188-b9e9-dede91d8dfdf

ES Futurs (6:41 am):

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