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Jan 13th, 2011: Update 1 – Pre-market

Posted by pugsma on January 13, 2011

8:40 pm EST:  ES Futures traded up to 1284.5 (1287.5 cash equiv.) overnight and are trading around 1282 (1286 cash equiv.) pre-market.

The next two days of trading are likely going to be boring sideways to slightly down, assuming the support at 1278 holds , as wave iv-(5) plays out.  I think the final move up of wave v-(5) will occur next week and it will test the 1290/1292 pivot area.  And there is an outside shot at  a push up to the 1315 pivot area if the bank and tech earnings blow the estimates out of the water.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=db1f520b-208f-46d8-a31a-519559c5ef8b

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=8002700f-6b87-4eef-ba1d-c65534225ac9

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