Friday, August 26, 2011

S&P 500 ~ Pre-Market Warm-Up ~ 26 August 2011

We should get some action today as the GDP numbers are released pre-market and Ben speaks at 10 am. ; )

Except for the Buffet spike the resistance around ES 1177-80 held yesterday:

Both counts are very similar (wave [v] underway or wave [iv] triangle): We should see new lows later this month/September as long as we don't move above yesterday's high. There's actually a third option (wave 1/A completed at 1122) so I suggest to focus on the support and resistance levels rather than the EW counts and probably wait till after 10 am.