Yesterday's decline caught and held at strong price and time support on our 45 minute charts. I've left the timing information on the ES 45 minute chart below as a reminder of this.
The low of the day was 915.25, just one tick above the target extension from the swing into the high at 915.00. If we rally from this low during today's session, we'll watch for timing high factors based on bar counts of prior rallies on this chart, and shorter timeframes as well. If time and price resistance intersect, it will be a key decision point as to whether we're just seeing a corrective bounce in the context of a new downtrend, or if the key resistance breaks it will be a strong indication of the rally resuming to new highs. The most important price resistance levels are in bold on that chart, and the bold green target extension above represents the next daily target should the resistance break. Most important levels are 938.50 and 944.75. Those will remain as the key resistance points as long as price maintains yesterday's low.
Here are the equivalent levels on the YM contract:
And on the NQ:
Momentum indicators are currently to downside but that may be poised to change at the open. Please get in touch if you have any questions!