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Nov 16th, 2010: Update 1 – Pre-market

Posted by pugsma on November 16, 2010

8:30 am EST:  ES Futures traded down to 1187 (1189 cash equiv.) overnight and have bounced to 1190 (1192 cash equiv) in pre-market.

The target for today is the lower down channel line that starts at 1187 this morning and falls to 1184 by the end of the day.  There is pivot support at 1187 and then 1177.  The 23% retrace target for minor wave 4-[1]-P3 is 1184.  Typically as wave 4 likes to retrace at a minimum 23% and back to where the previous degree wave 4 low occurred. The previous minute degree wave (4) low occurred at 1183. 56.  So there is a confluence of targets near 1184.

As I said in the EOD last night, we will then have to determine if this is the minor wave 4-[1]-P3 low or if there is one more dip to come after a small bounce.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=8cab0ffd-fa52-46aa-8dc4-5977e100c7f3

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=3943e1f8-6807-41c9-b7da-fa45b7661ffc

This entry was posted on November 16, 2010 at 8:34 am and is filed under SP-500. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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