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Sept 7th, 2010: Update 1 – Pre-Market

Posted by pugsma on September 7, 2010

5:50 am EST:  Welcome back from the long Labor Day Holiday Weekend.  The big money boys are back from the Hampton’s and ready to trade this week.  I expect the volume to pick-up and volatility with it.

ES has traded down to 1095.25 (1096.25 cash) for a 12 point drop from the 1107.,25 (1106.25 cash) peak overnight.  Dr Copper bottomed on Aug 25th, 4 trading days before the SP-500 turned higher on Sept 1st.   Dr Copper loves to lead, particularly at bottoms.  Dr Copper may have put in a near term top at 3.53 on Friday Sept 3rd, which would lead the SP-500 lower.  The support for Copper is at 3.43 and then 3.35.  Similar support for the SP-500 is at ES 1087 (1088) and ES 1076 (1077).   There are fib retracement targets of 1090 (23%) and 1081 (38%) for this wave iv-(1) target. Up higher there is strong resistance at ES 1106 (1107) and then at ES 1114 (1115).

Recall form my EOD update on Friday, I was expecting a wave iv-(1) pull-back to at least 1090 (23%)  to fill the 1090 to 1094 gap early this week.  Then I think the SP-500 will push up toward 1115 in a wave v-(1) to complete this move up off 1040.  However, if things to start to break down below 1090, then the SP-500 will need to hold support near 1077 to 1081 or else wave (2) down may have already begun.

SP-500 5-min real time chart link: http://www.freestockcharts.com?emailChartID=8ba9eb80-038e-4d7c-809a-df2e1f093958

SP-500 15-min real-time chart link: http://www.freestockcharts.com?emailChartID=56c7f46c-bae9-4590-ae67-94187ded14a6

SP-500 5-min chart (EOD, 9-3):

SP-500 15-min chart (EOD, 9-3-10):

ES Futures (5:14 am):

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