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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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