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

By IBTimes Staff Reporter | 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.

Sponsorship Link

S&P cash daily:

width=650

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

width=650

Dow cash daily shows timing support building throughout the week:

width=650

And weekly has the outstanding upside target at 9805:

width=650

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

width=650

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:

width=650

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