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Mar 9th, 2011: Update 1 – Pre-market

Posted by pugsma on March 9, 2011

8:25 pm EST:  ES futures dipped to 1317 overnight, held support and rallied to 1325.  ES is trading near 1322 this morning.  There is very clear Inverse H&S with head at 1304, and neckline at 1325 that if it breaks will target 1346.  ES is on-par with SPX cash.

Still watching the 1303 to 1332 range to see witch breaks first for confirmation of the primary count versus alternate count triangles.  If the neckline of the inverse head and shoulder breaks at 1325, it could propel the SP-500 higher to confirm the primary count.

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

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=201dab3a-1606-4207-ad5d-21545c06f387

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=42a2c12c-d4f5-4bb5-9aa2-fcf0b2980983

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