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Nov 15, 2010: Update 1 – Pre-market

Posted by pugsma on November 15, 2010

8:20 am EST:  ES Futures dipped to 1192 (1194 cash equiv.) overnight.  ES has since rallied to 1201 (1203 cash equiv.).   The test at ES 1192 was a double bottom with Friday’s low.

Today the key to watch the 1204 to 1208 area, which is the upper boundary of the 1 week old down channel.  Resistance at 1204 is particularly important to clear for the bullish case, since it was key support of two attempts on the way down.  If the SP-500 fails around 1204, I’d look for a 2nd ZZ to trace out heading down to the 1183 to 1187 area.  I expect the pivot support in the 1177/1187 to hold this minor wave 4-[1]-P3 pull-back.

To the upside the SP-500 must capture 1204 and then close the 1213 to 1219 gap.  That is tall order and may take most of this week.  A close back above the 1219 pivot is the key to setting up the next minor wave 5-[1]-P3 move higher towards the end of 2010.

SP-500 5-min chart real-time link:

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=c2576475-3811-4719-8c14-75cf02d14d75

SP-500 5-min chart (EOD, 11-12-10):

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