We've seen a breakout to the upside from the narrow trading range signified by our longer term Fibonacci Timing highs on the daily index charts. As you can see from the charts posted below, we've reached the initial targets discussed yesterday and even made it a bit higher on the Dow. Now these areas will serve as resistance. Since the major swing targets have yet to be attained, I'm looking for pullbacks to hold support and for price to retest and break the current daily swing highs. This will be easier as we move towards the end of the trading week and clear the residual effects of the longer term timing resistance.
On the daily S&P, yesterday's session closed with a test and hold at the initial daily target, 944. The major target is 1019. There's strong support from 893 to 916, although we're likely to see closer intraday support hold as covered in my chat room.
The Dow closed between the initial and secondary daily targets. The major target is 8932, and the key resistance right beyond that at 8972 will make that a very important area to overcome in order for the rally to continue.
Nasdaq closed with a test of the daily target at 1481, The major swing target is 1593.
And the Russell closed after testing the target at 523, with the initial major swing target at 566.