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Sept 16th, 2010: Update 1 – Pre-Market

Posted by pugsma on September 16, 2010

8:45 pm EST:  Sept ES Futures traded down to 1120 (1120 cash) overnight.

To the downside, I’m watching a 2nd rising wedge (yellow on ES chart) that needs to break down if the SP-500 is headed lower in a wave (2).  The support line is near 1120 this morning.   A break down of this rising wedge and a break down through the 1115 neckline (also 200-day SMA) would signal a trend change.  If this area breaks, then we can expect the move toward to 1085 to 1095 in wave (2) to get underway.  If this 1120 or 1115 area holds the next two days, then it’s very possible that a new high above 1127 could materialize.  The next resistance point to the upside is the 1137 pivot and above 1137 the next major pivot resistance is 1170.  The move higher could unfold rather quickly if the large inverse head and shoulders neckline at 1130 is broken above.  At that point 1130 would become strong support on the move towards 1251 into the end of the year.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=1ecd303e-6407-4ed1-848e-f788c83b61b4

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=32afdd17-2ab5-4e28-8ede-ac545f3482e5

ES Futures (8:35 am):

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