Last week we discussed the major timing highs for the daily S& P and Dow for Wednesday May 20th. So far those highs are holding. On the daily cash charts below I'm projecting the initial downside targets. These targets also coincide with significant additional daily support. For the downside move to continue we'll need to see these initial targets broken. It's also unlikely that we could see the rally resume and bring new daily swing highs until these levels are at least tested.

On S& P the initial target is 868.

On Dow, 8131.77

On the futures, I find it helpful to zoom in by using the 45 minute timeframe. Initial downside target on ES (eMini S& P futures) is 865:

And on YM (eMini Dow futures), 8105:

Mark Braun Market Geometry