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Jan 27th, 2011: Update 1 – Pre-Market

Posted by pugsma on January 27, 2011

8:55 pm EST:  ES Futures touched down at 1289 (1292 cash equiv.) overnight and then rose to touch 1296 (1299 cash equiv.).  Followed by a fall back to 1291 (1294 cash equiv.) after the initial claims rose and durable good came weak.  The point here is that price is oscillating between the 1291 pivot support and the 1299 peak in the terms of the cash market level.  This is a triangle type action for a wave iv-(5).

The primary count is looking for the wave iv-(5) triangle to play-out above the 1291 pivot and then head for test of the 1303 pivot in wave v-(5).  And an extention to the 1315 pivot  can not be ruled.

Support is at 1291 and then 1286.  Resistance is at 1303 and then 1315.   An intra-day break below the 1291 pivot would be a wave iv-(1) into wave i-(5) rule violation and would likely mean the up-trend is ending.   However, a break below 1282 and close below the 13-day EMA of 1284 would be required to confirm.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=12a9d69a-c062-4acb-9012-d01028ad10ec

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=c4d22715-2dfa-418e-ac07-d69d2b62560b

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