Market Update Dec-30-2009 (Before the Bell)

In my previous analysis on S&P 500, I indicated a possible target of 1,140. Monday (Dec-28-2009) it reached as high as 1,130.38. Yesterday (Dec-29-2009) it touched that high, but could not break thru it. Since then we are seeing a downtrend. So far it has not broken the support line which is around 1,120. But the following 2-Mini S&P 500 Futures as of 8:15 A.M. (EST), indicates it is continuing the bearish trend it started yesterday. The support like for e-Mini is around 1,110. I have provided a potential A-B-C-D-E labelling for this ending triangle. In many cases, an ending triangle could be labelled prematurely. So it is better to wait till it breaks the support line before we call this bullish trend since March-2009 has ended.