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Apr 21st, 2011: Update 1 – Pre-market

Posted by pugsma on April 21, 2011

9:15 am EST:  ES Futures rose to 1337.75 (1340.25 cash equiv.) overnight and are trading at 1334 (1337 cash equiv.) this morning.

I’m looking for wave v-(1) of minor 3-[5]-P3 to end in the 1340 to 1344 gap resistance band today, where wave v=i at 1343.   The wave (2) could begin as early as this morning.

Resistance is at the 1340/1344 gap and then the 1363 pivot.   Support is at the 1331/1333 gap open from this morning, the 1313/1319 gap and the 1315 pivot.

SP-500 5-min chart (EOD, 3-20-11):

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