Yesterday's index rally brought price to additional daily targets on ES and YM. While prior resistance breaks favor more major upside targets, 928 on ES and 8828 on YM, we have to be prepared for the possibility of at least a minor corrective decline from the current interim target extensions.
On any pullback, we'll monitor the key support levels in bold on the daily charts, and since most of the pullbacks since the March 6 th low have stopped at 45 minute price and time support, we'll focus on these charts intraday to watch for a hold at key support levels. The 45 minute support levels will be particularly potent if the number of bars in a new decline is similar to the number of bars in prior declines. Should we see a decline, I'll calculate the time of day when we're most likely to see a support hold and publish additional charts reflecting this.
ES 45 Minute:
YM 45 Minute: