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Mar 15th, 2011: Update 2 – Pre-market

Posted by pugsma on March 15, 2011

8:30 am EST:  ES Futures (June Contract) fell to 1251 (1256 cash equiv.) over night and are trading at 1258 (1263 cash equiv.) pre-market.

The alternate count (red) becomes the primary and the first target for major [4]-P3 is 1251, where minor C=1.62*A.

Support is at the 1257 pivot, the 1247/1250 gap and then the 1245 pivot.   Note the lower channel trend-line of the 8.5 month old bull channel is near the 1245 pivot this morning.

For the rea;-time charts, we’ll focus on the 60-min chart this morning.  I will update the 15-min and 5-min charts later today.

Finally, remember the blog comment rules.   I will be enforcing them without any further warnings.  Violators will be moved to the comment “black list” and not be allowed to comment in the future.

House keeping rules on comments for this blog:

1. Respect others comments and opinions.  If you have an issue with the comment or opinion ask a question for clarification and do not attack the person.

2. This is technical analysis blog.  It’s not a trading blog.   Absolutely no trade posting is allowed.  General comments about stocks, bonds, commodities, fix income, etc is allowed.  But don’t post specific trades you have made or recommend.

3. This is not economic, news or political blog.  I don’t “adjust” my technical analysis for this day-to-day type of “white noise”.  Please stop discussing it here and asking how it affects my analysis.

4. Please stop the wild guessing type comments about where the market is headed.  If you have some technical analysis to share to support your prediction, then please share it.  Acceptable technical analysis are charts, patterns, cycles, counts, historical data, etc. 

SP-500 60-min chart real-time link:  http://www.freestockcharts.com?emailChartID=0ddf6834-495c-4dd1-8cdc-d9cec9176274

SP-500 60-min chart (morning 3-15-11):

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