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Founder, MJBraun.net
While we're focusing on upside on all index timeframes, let's be prepared for the possibility of pullbacks at the daily target extension. NQ has been hovering at the initial daily target for the last 2 sessions, and Russell made target late in yesterday's session. I'd like to see the S& P reach the initial target, and we're rather close to that, in order to consider these in a solid place for a corrective decline.
For intraday, note that ES, YM and TF 45 minute charts are showing timing highs spread through this morning's session and into mid day, and experience tells us that when the index contracts have timing resistance spread out on this timeframe it often leads to choppy trading. Let's be on the alert for signs of chop this morning, which should then resolve during the afternoon session if the pattern holds true.
S& P Cash Daily, 1052 – 1053 target:
ES 45 Minute, 1047 daily target:
Dow Cash Daily, 9732 target:
YM 45 Minute, 9678 daily target:
Nasdaq Cash Daily, already reached initial target:
NQ 45 Minute, 1692 initial target met:
Russell Cash Daily, initial target met:
TF Russell Futures, 45 minute chart, 597.50 initial target met:
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