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Sept 9th, 2010: Update 1 – Pre-market

Posted by pugsma on September 9, 2010

9:05 am EST:  Keep an eye on Dr Copper today.  It fell very hard overnight and could be putting in a negative divergence with the new SP-500 high today.  Also, after the close watch the McClellan Oscillator as it’s set to put in a higher low today and set up another negative divergence with respect to the new SP-500 price high today.  When the McClellan Oscillator and Dr Copper both negatively diverge with the SP-500 is not a good idea to ignore it.

8:35 am EST:  Weekly jobsless claims fall 27K to 451K.  ES Futures spike to 1108, a new high above previous ES high of 1107.  We are gettting our wave v-(1) today.  Now can  it hit 1112 or challenge the 200-day SMA of 1115?

8:25 am EST:  It sure looks like wave v-(1) is determined to make a new high above 1105.1.  Remember the wave v=i target is 1112.  ES Futures have traded up to 1103.6 (1103.6 cash).  Note Sept ES Future are now on par with the SP-500 cash market.  They are expiring this Friday.  The Dec ES  Futures are about 5 points below the SP-5000 cash market at ES 1097.  I have used a different ES pre-market chart this morning that still use Sept ES Futures, as switching to the Dec ES Futures is confusing right now at this important area where we are looking for the top of wave v-(1).

There is negative divergence starting to appear on the ES Futures 60-min chart below in both the RSI and MACD with respect to price.  This is typically a requirement for finding the end of a wave 5.  So we should be getting close to the end today.

Keep in mind I’m still targeting the 1065 to 1073 area for wave (2) once this wave v-(1) end.

SP-500 5-min real-time chart link: http://www.freestockcharts.com?emailChartID=bfa8f778-c29e-45ca-95ec-b8259e475d11

SP-500 15-min real-time chart link: http://www.freestockcharts.com?emailChartID=baa83606-5ecf-42a8-a38e-6ccb9e3cff41

SP-500 ES Futures (8:00 am):

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