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Sept 21th, 2010: Update 1 – Pre-Market

Posted by pugsma on September 21, 2010

8:45 am EST:  ES Futures dipped to 1133 (1138 cash) overnight and still in a rising channel.   ES popped up to 1139 (1144 cash) after the new housing starts spiked higher in August.  I’m expect the SP-500 trade sideways until the 2:15 pm EST FOMC announcement.  There is certainly still room for this wave up to continue up without a pull-back if the announcement is viewed favorably.  The next minor resistance is ES 1145 (1150 cash) and major pivot resistance at ES 1163 (1168 cash).  On the downside a break below ES 1118 (1123 cash) is an important level now.

SP-500 5-min chart real-time link:  http://www.freestockcharts.com?emailChartID=33cad33d-f205-4623-8208-0f608ceda501

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=8f45c5ff-d269-4f29-afba-b86ee01dcd24

ES Futures (8:19 am):

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