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At this point we're seeing a decline on the index charts from last week's highs made in the focus of the weekly timing resistance. Additional resistance has been established and is most clearly visible on the 45i minute index futures charts. The next support areas are crucial; daily .786 levels which, if broken, imply a substantial downside shift in the daily pattern. On S&P cash, 991.56 stands out. INDU, 922.46 and NDX, 1585.58. Note that these overlap the daily 34 EMA as well. The equivalent levels are visible on the futures 45 minute charts. Timing for possible lows to be established points to mid morning of today's session. If we can hold the current swing lows during the time periods shown on the ES and YM charts below, it will help to confirm that we're just seeing a minor corrective decline in the context of the larger timeframes. If we see little more than a pause or bounce to a minor short term resistance hold, we're likely to see a downside acceleration after the timing window clears.
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