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Sept 1st, 2010: Update 1 – Pre-market

Posted by pugsma on September 1, 2010

7:20 am EST:  Welcome to September.  Welcome to ES Futures trading up at 1063 (1066 cash equiv) overnight.  That’s a 18 point rise from the 4 pm EST close yesterday.   Looks like September opens as a bull.  Hedge Fund Managers and Mutual Fund Managers hiding in US Treasurey Bonds, may feel pressure to case this next bull leg higher.  This could be very bull friendly in early September.   We’ll need to see improving economic data to support this next leg higher.  It does need to be great data; it  just needs to be slightly improving data to keep the rally going.  The sentiment is so bearish (i.e under 20% bulls), that it will only take slightly better data to spark the push higher.

The primary count is that we are in wave 3-iii-(1)-3-[1]-P3 up.  I have a first target for wave 3-iii-(1) at 1067 to 1070 in the cash market.   And my target for 5-iii-(1) is in the 1086 to 1084 area.  For the wave (1)-3-[1]-P3 wave, I’m looking for 1100 to 1110 by Sept 7th to 10th.

Note Dr Copper has busted out to a new high of 3.44 overnight.  Again Dr Copper put in it’s low on August 25th, well ahead of the SP-500.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=0bff9491-e671-4df5-a578-89e43889a8a4

ES Futures (6:38 am):

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