Elliott Wave Live: S&P Futures Market Wrap for August 26, 2010

Thursday, August 26, 2010

S&P Futures Market Wrap for August 26, 2010

In today's pre market analysis I indicated resistance for wave (ii) was between 1061.75- 1071.50. Possibly, we would close the gap at 1065.5, then turn south. I also set critical support at 1044.75. The market traded to 1060.25 and turned south for the remainder of the day. A minor breach occurred at critical support but not enough to conclude that wave (ii) had ended.

For tomorrows trade, I will be looking at two possible outcomes as shown on the attached chart. If trade continues down in an impulsive manner, we need to see 5 waves down to truly confirm that wave (ii) had ended. A push up and a break of the red trendline would leave the door open for the gap to close at 1066 or any of the above mentioned resistance levels stated from last night.

Tomorrow we have the GDP report before the opening bell. I expect some early volatility.

Best of Trading

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Thursday, August 26, 2010

S&P Futures Market Wrap for August 26, 2010

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