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Sept 15th, 2010: Update 1 – Pre-Market

Posted by pugsma on September 15, 2010

8:25 pm EST: Sept ES Futures traded down to 1116 (cash 1116) overnight.  On the ES Futures chart, it looks like a break down of the long standing rising wedge has occurred with a back-test late in the day yesterday.   This should signal a retrace back to the bottom of the wedge which is at ES 1086 (cash 1086).  

But before we can be sure of this retrace target of 1086 (50% retrace)  for wave (2) we must see a break down of the 1111 to 1113 gap.  As long as we remain above this gap area there is a possibility for a new high above 1127 in this wave (1).

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=f5839da2-4638-4792-a08e-6431895a0e42

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=344abc94-f562-49c8-a894-90e38204446a

ES Futures (8:00 am):

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