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Apr 11th, 2011: Update 1 – Pre-market

Posted by pugsma on April 11, 2011

8:20 am EST:  ES Futures hit 1329.5 (1333.5 cash equiv.) overnight and have fallen back to 1326.0 (1330.0 cash equiv.) pre-market.

The primary count is that minor 4 of major [5]-P3 ended at 1322.94 on Friday.   Minor 5 should rise at least 40 points to the 1363 pivot.  The key level to watch today is 1331.57.  Wave i-(c) of minor 4 was at 1331.57.   A move back above 1331.57 in the cash market today, would be a wave iv-(c) in to i-(c) violation and confirm the minor 4 low is in place at 1322.94.

If the SP-500 stays below 1331.58 in the cash market today, then the alternate count (blue) is that a deeper retrace for minor 2 of major [5]-P3 could be in-play below 1322.94.  The like;y targets  would  be 1319 (23% retrace of minor 1) or 1305 (28% retrace or minor 1).

Support is at the 1319/1323 gap, the 1315 pivot and then the 1305 pivot.  The resistance is at the 1340/1344 gap.

SP-500 5-min chart (EOD, 4-8-11):

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