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Dec 14th, 2010: Update 1 – Pre-Market

Posted by pugsma on December 14, 2010

9:05 am EST: ES Futures trading down to 1234 (1238 cash) overnight and bounced up to 1238 (1242 cash) in the pre-market.  No follow-through overnight selling pressure indicates a new high could still be made today.

As long was the wave i-(5) high of 1240.02 holds in the cash market this morning, the late day drop could be wave iv-(5) and new wave v-(5) high above 1246.73 could materialize today. There are still all those targets clustered around 1251/1252.   It’s looking like a sideways to up trading day into the FOMC decision at 2:15 pm EST.

Resistance is at the 1245 pivot and then the 1257 pivot.  Support at the 1229 pivot and then 1219 pivot.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=879c0e98-0d4d-4f8d-9be4-4ac792472f1a

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=1aa98c26-5e66-4ca5-8521-48a9a60bb06a

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