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While we're not in the focus of the SPX weekly timing highs yet, we're between substantial daily timing high overlaps and this morning's pre market decline may be a reaction to target zones. Only the Dow hasn't yet reached a major weekly target, with the Russell exceeding initial target, Nasdaq broke through even the second weekly target and found additional resistance and the current S& P high was one point from the initial weekly target at 1019.00. If we start taking out swing lows on the 45 minute charts without having made a new swing high first, it's likely that there will be a significant decline in store. Of course we'll keep track of timing in the chat room today to see where and when support may be reinforced. At the moment I'm focusing on the .786 support level at 976 on the ES 45 minute chart. If that breaks, we're likely to see 951.50 initial downside target which would substantially shift the pattern to downside.
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