S&P 500 ~ Pre-Market Warm-Up 24 August 2010

The ES is down huge this morning, way below last Friday's low and just a few handles above the mid July low at  1050.75. Thus, I think wave iii is underway and we should see 1030ish this week.

Edit 8.30 am: ES at 1051.50!!! We may see a small bounce here. If 1050.75 doesn't hold 1040ish is the next support area.