Fibonacci Support and Resistance on Daily S&P, Dow and Nasdaq

 @ibtimes
on July 07 2009 10:04 AM

While we've seen a decline from what should be interim targets in price and time, the weekly charts still show outstanding upside targets. For a more solid decline, I'd prefer to see these targets reached first. At the moment we're seeing potential Gartley corrective moves to downside on the S&P and Nasdaq daily charts. Timing for a low starts today and builds into the start of next week, so if we see even a bit more of a decline, the Gartley patterns are actually reinforcing support.

S&P cash daily:

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And the weekly shows an outstanding upside target at 1019. Note 50 CCI below zero contributing to current resistance:

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Dow cash daily shows timing support building throughout the week:

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And weekly has the outstanding upside target at 9805:

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Nasdaq cash also shows strong timing lows coming up, and the Gartley support overlaps additional key support retracements:

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Weekly Nasdaq has actually triggered long, with all CCIs above zero. It's likely that we're just seeing a retest of support and the 50 CCI zero line, equivalent to the 50 period moving average on the weekly being retested after price broke above it:

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So be very careful committing to any longer term short positions until we see how price is going to react to these timing factors on the daily charts!

www.mjbraun.net

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