Fibonacci Timing Lows for Daily S&P, Dow, Nasdaq
By Mark Braun
13 July 2009 @ 11:03 am EDT
We're moving into the main daily timing low zone as seen on the cash index charts as discussed last week. The next few days should tell us whether we have a swing low established or just a temporary pause before a breakthrough to more downside. The first clear sign of a low being in place would be breaks of resistance on the 45 minute index futures charts. If we start to see some lift on ES, there's a Gartley resistance pattern on the 45 minute chart from 888.00 – 894.00. This would be a key area to test whether or not we're just seeing a corrective bounce if this rallies from current lows. 1432 – 1441 similar resistance on NQ. Again that's if we hold current daily swing lows and see those areas tested.