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Mark Braun

Afternoon E-mini S&P Fibonacci Update

By Mark Braun

Founder, MJBraun.net

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31 March 2009 @ 02:47 pm ET
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We've built excellent support on the 15 minute chart after opening gap up from yesterday's 45 minute price and time support. On any pullback the key to a sustained rally will be a hold of the new support, particularly the levels in bold.

If price can clear this resistance overlap, the next major resistance to consider will be the 45 minute 809.50 and 818.75 levels along with the 45 minute timing for a possible high coming in towards the end of today's session. The timing high may cause a more significant pullback even if we're not at those price levels towards the end of the day. There's a chance of a downside reversal if we're actually in contact with those price resistance levels during the high timing.

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