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Yesterday's continued index rally closed right below key resistance levels on the daily charts, and while the 50 CCI on the dailies held below +100 (a sign of questionable upside momentum), it looks like we'll have a gap open this morning above these levels calling the daily targets into play. Keep in mind that we're entering the strongest phase of high timing since the start of this rally. The SPX daily chart shows significant timing overlaps today, these are the same ratios that we've been looking at for the last couple of week. Projecting from the most recent swing low using the timing histogram also shows additional timing resistance into the start of next week on SPX, INDU and NDX charts with a focus on Monday and Tuesday. We also have the weekly timing high focus for this coming week on SPX and INDU charts. The more these extend at this point, the more significant the timing. Whether this will bring us a significant drop or just consolidation/congestion remains to be seen, but if we start to see a decline we'll monitor price and time support factors on the 45 minute and daily charts.
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