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The index charts show a hold at daily price and time support yesterday as well as holding the 50 CCI +100 lines. While this is a good sign that we’ve just seen another relatively minor pullback on the daily charts, we need to keep in mind that these have hit longer term upside targets too. In favor of continued long side is the outstanding longer term SPX target at 1100, and a glance at the ES daily shows that the equivalent longer term 1086 target is a precise overlap with the daily target for the current swing too. This may serve as a magnet to pull prices higher, but not necessarily in one smooth move; note the hold at the .618 daily resistance. As mentioned yesterday, the key resistance levels may hold for a more complex corrective move first. So we’ll have to remain on guard against price failure at .618 to .786. On intraday we can look for holds or breaks of the new 45 minute support levels in order to judge whether or not we’re just seeing minor corrections within the daily rally or a breakdown from those key daily resistance levels.
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