We've been monitoring the Fibonacci Timing ratios on the weekly S&P and Dow cash charts. The confluence of timing factors pointing to a high over the last 2 weeks has indeed held back these markets. The fact that this brought congestion instead of a significant decline points to the probability of more upside as the timing factors clear during this week. There are still some residual timing extensions on the weekly charts so we should take care to monitor price action at the next extension targets on the daily and intraday charts.
First a look at the weeklies once again.
S&P cash showing significant resistance still in place as we clear the timing high ratios, I'm particularly concerned with the 50 CCI zero line – the equivalent to a 50 day moving average:
And the Dow cash weekly:
The next cash targets can be seen on the daily charts.
S&P, next target is 944.10:
And Dow, 8692:
For the ES and YM futures, I like to zoom in by using the 45 minute timeframe. Here's an ES (eMini S&P futures) 45 minute chart showing the next main target at 941.50:
There are also timing factors for a possible high focusing on midday today, as seen on the timing histogram near the bottom of the chart.
And on the YM (eMini Dow futures) 45 minute chart, the next target is 8677: