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Oct 1st, 2010: Update 1 – Pre-market

Posted by pugsma on October 1, 2010

8:15: am EST:  Also, as I mentioned yesterday at EOD, Dr Copper is still extremely strong and continues to set new 2010 highs above it’s April 2010 high.  This is a very positive sign for the markets and SP-500.

8:05 am EST:  Welcome to October.  ES Futures traded up to 1144 (1149 cash equiv.) testing the ES 1145 (1150 cash) resistance point yet again.   The ES Futures look like a complete mess going back to the original test of the ES 1145 (1150) resistance on Sept 21st.   It’s nearly impossible to count this mess.  But you can see the general trend is up and there looks to be some type of large consolidation triangle.  This why I changed my primary count to minute degree wave (3) having ended on Sept 21st and this being a minute degree wave (4) consolidation.   Wave (4)’s are very frustrating for by E-wave counters and traders alike.  It’s difficult to predict when and where wave (4) will end and the wave (5) will launch to new highs.  We’ll just have to watch support ES 1118 (1123), ES 1126 (1131), ES 1132 (1137) and resistance ES 1145 (1150), ES 1150 (1155) to see which one breaks first. 

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=c1e67252-61ee-48f3-9ede-b175e7168aca

SP-50 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=b6be7184-490b-476b-b5e9-bf7571500187

ES Futures (7:34 am):

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