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Jan 18th, 2011: Update 1 – Pre-Market

Posted by pugsma on January 18, 2011

8:40 am EST:  ES Futures rose to a new recovery high of 1293 (1296 cash equiv.) overnight and are trading at 1288 (1291 cash equiv.) in the pre-market.

The primary count could have a few squiggles up left to reach the top of v-(5) of 5-[1]-P3.  Maybe up to 1296 in cash market.

For the alternate count the SP-500 is just finishing up wave iii-(5) of 5-[1]-P3 and could also stretch up to 1296.   Wave iv-(5) should test the 1286/1288 area and then v-(5) could reach the 1303 to 1315 pivot resistance.

Major support is at the 1291 pivot , then the 1257 pivot.  There is also minor support at 1276/1278.  Major resistance is at the 1303 pivot and then the 1315 pivot.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=214eb59f-3c54-4959-941b-29c6ea7a696c

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=10c6bb39-9d7e-47c0-b191-3a8c3c0ae870

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