Yesterday saw slight new highs on the cash and futures contracts for these indices. Support on the daily and 45 minute charts has been updated to reflect this. The green target extensions immediately above price are based on Fibonacci ratios derived from prior high to low swings. They show price points where we have to be on guard for a pullback or at least a pause. While there's still a bit to go on the YM, we're right up against a daily target with additional resistance on ES and there's a whole target zone immediately above price on NQ.
YM daily target extension 8171 but currently holding an intervening .618 resistance level:
ES currently holding 860.50 daily target extension and overlapping resistance:
NQ target zone 1344 – 1365:
As I discussed yesterday there are price and time factors on the weekly charts pointing to the possibility of an interim high at these levels. Today we'll focus on the 45 minute charts as they're also showing timing factors for a possible high during this morning's session. The pivots used for these calculations point to another minor corrective decline, but combined with the daily targets zones and weekly timing factors we may be in for a more pronounced pull back this time around. We'll watch 45 minute support for signs of a hold or break on any decline. The key support levels on these charts are in bold, representing support which has remained intact throughout this rally.
YM 45 minute chart:
ES 45 minute chart:
NQ 45 minute chart: