Friday, November 26, 2010

S&P 500 ~ Pre-Market Warm-Up 26 November 2010

Futures are down again and the triangle doesn't look that nice anymore. In the ES though there is a very nice triangle forming and if we get a break above 1200 the long expected rally to 1250ish may be underway:

The situation in the SPX has changed a bit. I don't think we're in a [b] of a triangle anymore, I think that either wave 4 bottomed at 1173 and wave 5 is already underway or we'll get a wave [c] down to the mid 1150's or even down to 1130 over the next few days (btw the ES count works for the SPX but it just doesn't look right imo):

To sum up, I'm bullish above 1200ish and bearish below 1173.