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Sept 30th, 2010: Update 1 – Pre-market

Posted by pugsma on September 30, 2010

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8:45 pm EST:  ES futures traded down to 1134 (1139 cash equiv.) overnight and this held above pivot support at ES 1132 (1137).

Weekly jobless claims at 453K and Final Q2 GDP at +1.7% surprised slight to the upside and ES futures strengthened to 1144 (1149 cash equiv.).

The primary count is wave 3-iii-(3) began from the cash market low of 1141 (ES 1136) yesterday and the targets are 1170 (ES 1165) and then 1174 (ES 1169) over the next few trading sessions.   The key today is watch for a break-out above key resistance at 1150 (ES 1145).  A decisive move above this resistance level, will indicate the rise to the 1168 to 1177 (ES 1163 to 1172) pivot resistance is underway.

On the downside, any break below the pivot  at 1137 (ES 1132) would indicate that a move to 1123 (ES 1118) is likely in a wave c-(2) down to complete a flat for wave (2).

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=ec31396b-aabe-4cda-92b0-eb9b2a6e2370

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=fe14b7d3-e2e2-4b19-8ca0-2ed10a56ab75

ES Futures (8:32 am):

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