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Jan 19th, 2011: Update 1 – Pre-market

Posted by pugsma on January 19, 2011

8:45 am EST:  ES Futures hit a another new recory high of 1296 (1299 cash equiv.) overnight and are trading at 1292 (1295 cash equiv.) in the pre-marekt.

Looking for the SP-500 to reach the 1296 to 1300 level to complete wave v-(5) of 5-[1]-P5 of  the primary count or wave iii-(5) of the alternate count.   For the alternate count wave iv-(5) should test support above the 1287 area before continuing to the 1315 pivot for wave v-(5) of 5-[1]-P3.   The primary count should finish up today and the alternate may take until early next week to complete.

Support is at the 1291 pivot, then 1287.  Resistance is at the 1303 pivot, then the 1315 pivot.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=9d20e746-0810-44a8-855a-37cd7bf0f727

SP-500 15-chart real-time link: http://www.freestockcharts.com?emailChartID=134e5835-8404-4261-a0d2-b1cd82a027b4

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