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Nov 2nd, 2010: Upate 1 – Pre-market

Posted by pugsma on November 2, 2010

8:10 am EST:  ES Futures have ramped higher to 1190 (1193 cash equiv.).

As I mentioned yesterday afternoon in the comments “watch the 1177 pivot support”.  We had a few bearish subscribers getting all excited posting comments like “looking for a sudden drop toward 950” and “bull trap”, etc.  Please try not to get emotional when posting in the comments section, as you could be confusing other subscribers and maybe causing them to exit a good trade or not enter a good trade.   For example exiting intra-day scalp shorts taken at 1996 or buying long at the 1177 support was an excellent trade yesterday.  If you have something constructive to say and some facts or charts to back it up, please feel to add into the discussion.  Or if you have questions for me or other subscribers, feel free to ask.  But general, “shoot from the hip” remarks are not helpful.  Thanks.

The primary count is wave E of an ascending triangle for wave iv-(5) ended yesterday at 1177 and the SP-500 is breaking out in a wave v-(5) of 3-[1]-P3.   Just has I said yesterday the SP-500 needs to close above the 1187 pivot resistance (something it has not been able to do thus far) to confirm  this break-out upward is underway.  The flat top of triangle  resistance is at 1196 and there is 200-week SMA resistance at 1194.  Once 1196 is cleared,  the ascending triangle target for a measured move is 1232.

If the cash market opens above 1190 or there is move above 1190 in the cash market, the alternate count as label is invalid.  I will have re-think the alternate count to see if there is bearish alternate.

Support is at 1177 and then 1168.   Resistance is at 1187, 1194 and 1196.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=d8791733-96e4-429c-a34f-5c35e02bd5f0

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=c963651e-7519-4f1b-86a6-316cc47c190d

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