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Mar 24th, 2011: Update 1 – Pre-market

Posted by pugsma on March 24, 2011

8:30 am EST:  ES futures have risen to 1303 (1308 cash equiv.) overnight and are trading at the 1302 area in the pre-market.   Looks like a gap up over gap resistance at 1301/1304 this morning.

Primary count (white) is that wave (5) of minor 1-[5]-P3 is underway headed for 1310 to 1315 before a minor 2-[5]-P3 pull-back to 1274/1290.

Alternate count (blue) is that minor 3-[5]-P3 is underway headed news highs above 1344 before any significant pull-back.

Support is at the 1291 pivot and then 1280/1282 gap.  Resistance is at the 1301/1304 gap, the 1303 pivot and then the 1315 pivot.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=1ff64902-9b2e-486b-90dd-05e40b29ef01

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=632a9b7a-ddeb-43c2-9f4a-18bac3e516a1

SP-500 5-min chart (EOD, 3-23):

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