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Mar 4th, 2011: Update 1 – Pre-market

Posted by pugsma on March 4, 2011

8:55 am EST:  ES Futures were relatively flat overnight ranging from 1328 to 1334 and they are now roughly on par with the cash market SPX.

For the primary count (white), I’m expecting a little weakness down to possibly the 1321/1325 area for wave ii-(3) of minor 5-[3]-P3.

For the alternate count (blue), I’m expecting a larger drop to the 1310/1315 area for (e) of minor 4-[3]-P3.

Support is at the 1315 pivot and then the 1303 pivot.   Resistance is at 1332 and then the 1340/1344 gap.

Dr Copper was strong again overnight reach $4.55 (near a new high of $4.63) and supports the primary count view.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=6e8b44be-d1e1-4439-abed-d425534e15ce

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=7fa8dfa4-9f83-4f53-abae-9f02fd357f08

SP-500 15-min chart (EOD, 3-3-11):

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