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Apr 13th, 2011: Update 1 – Pre-market

Posted by pugsma on April 13, 2011

12:00 pm EST:  The level of 1311.40 for wave wave ii needs to hold for this to be a i-ii, 1-2 up.  If not then wave v-c-(z) down to 1305 should materialize.

SP-500 5-min chart (11:55 am):

11:00 am EST:  The lower green trend-line connecting the Feb 24th low of 1294, the March 29th low of 1305 and now the Apr 12th low of 1309 seems to be important (see the 60-min chart below).  Also note  that the 60-min MACD after a long down trend is about to produce a bull cross.

SP-500 60-min chart (10:57 am):

8:50 am EST: ES Futures have hit 1318.50 (1322.5 cash equiv.) this morning.  The down channel on the ES Futures has been broken this morning (see chart below) and if ES 1319 (1323 cash equiv.) can be breached there would be a wave iv into i overlap for the bearish 5-wave down.  I’m counting this as a corrective a-b-c for (z) of 2-[5] off the 1339 high and if 1322.94 is breached in the cash market today, then my count looks correct.

My first target  is for wave iii-(1) of 3-[5]-P3 is at 1325, where iii=1.62*i.  This would close the 1322/1324 gap down from yesterday and be bullish for the SP-500.

Support is at the 1313/1314 34-day EMS 50-day SMA area (the 1315 pivot area) and then the 1303 pivot.  Resistance is at the 1322/1324 gap.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=3a04ef7d-99f5-4ec2-84aa-c492d15d7a33

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=a6f08f0f-956c-449a-9453-00024faf2b7e

SP-500 ES Futures (4-13-11, 8:04 am):

SP-500 5-min chart (EOD, 4-12-11):

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