Mar 7th, 2011: Update 1 – Pre-market
Posted by pugsma on March 7, 2011
7:40 am EST: ES Futures dipped to 1314 overnight and have since risen to 1325 in the pre-market. The ES Futures (March contract) are roughly on-par with the cash SPX at this point. On the ES Futures chart below you can see a clear contracting triangle, as opposed to the ascending triangle on the cash SPX. In both cases a break above 1332 will signal the next move higher (primary count) is underway or a break below 1302 means the next move lower (alternate count) is underway.
Overnight the US dollar broke below long-term support and is headed further south.
Support is at the 1315 pivot, the 1308/1312 gap and then the 1303 pivot. Resistance is at 1332, the 1340/1344 gap and then the 1363 pivot.
SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=52f013b1-d15f-4e0b-a9bd-ab82af9887fc
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=09303ddf-1892-4101-a117-c8ca8dbfe59c
SP-500 ES Futures (7:10 am):
SP-500 15-min chart (EOD, 3-4-11):
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