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Aug 23rd, 2010: Update 1 – Pre-Market

Posted by pugsma on August 23, 2010

7:45 am EST: ES futures have traded up to 1077 (1080 cash) overnight.  If they hang in there for the next 2 hours we are looking at a 5 to 8 point gap up open.

Remember from Friday’s EOD report I pointed out the 15-min and 60-min chart MACD positive divergence that pointed to more upside early this week.  My first target is the intra-day gap at ES 1083 (1086 cash).  This is also a 62% retrace target.   There is a small inverse head and shoulders with neckline at ES 1075 (1078 cash) on the ES chart that points to ES 1089 (1092 cash).  So the gap at ES 1091 (1094 cash) may also be in play.  The ES 1091 (1094 cash) area is were the upper down channel line resides today and any break above it would a very bullish development.

SP-500 15-min chart with real-time link: http://www.freestockcharts.com?emailChartID=9faef744-9322-4aac-a013-5a19bf5fe572

ES Futures (7:25 am):

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