Friday, May 7, 2010

S&P 500 ~ Pre-Market Update 7 May 2010

The day after May 6th 2010...

The ES oscillated between 1115 and 1135 overnight and is now just below 1130, so up a few points after yesterday's close.

This can go either way today imo. Another sell-off down to 1100 or if 1135 gets breached we may see a rally to 1150. This could then be seen as a right shoulder of a big H&S, with the left shoulder in Jan 10 and the head at 1220.

But let's see first what we get today... expecting quite a wild day.