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Sept 29th, 2010: Update 1 – Pre-Market

Posted by pugsma on September 29, 2010

Potential New Subscriber:   Enjoy the rest of September for free, as an example of the premium intra-day updates.  I’m offering October for a discounted rate of $20 (reg rate $30).  Just drop me an e-mail at pu_gridiron@yahoo.com to sign up.  Note: After October regular rates apply: $30 monthly or $75 per quarter.

8:15 am EST:  ES Futures traded down to 1138 (1143 cash equiv.) overnight holding within the rising channel and consolidating below the ES 1145 (1150 cash) resistance.

Primary count is that the SP-500 is in a wave iii-(3) headed toward the 1168 to 1177 pivot resistance area.   The wave iii-(3) target is 1174, where iii=1.62*i.  I’m expecting the potential for a little weakness today that may test the 1141 level before breaking above the 1150 area.

Also interesting is the potential bullish ascending triangle that has formed under the 1150 resistance point since the Sept 21st.  This triangle measure 27 points and has a target of  1150 +27 = 1177.

There is a weak alternate count that if 1150 continues to hold as resistance, then the SP-500 could fall back to the 1123 area and the lower channel line.  This would occur as wave c-(2), 5-wave impulse down as part of a wave (2) flat.  This count has just about been eliminated.   However, if there was a sudden drop below the 1137 pivot today that did not recover quickly, then it would open the door for this wave flat to play-out.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=e252fb62-a059-4ca5-9ce5-f9d6a5083f6f

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=1b30e9a3-ea9c-4479-bb91-714dc275fbcd

ES Futures (7:42 am):

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