The daily index charts managed to show slight new highs yesterday in the focus of the timing highs. We've seen a struggle with intraday directionality as the dailies have met upside targets and we have multiple timeframe timing highs (daily and weekly), while the intraday maintains a strong upside pattern. This has resulted in failure to follow through to intraday targets on either side; typical of consolidation. Starting with today's session, the next few days should show us whether we're going to see a more pronounced decline from the significant longer term price and time resistance. Timing lows on the 45 minute charts yesterday afternoon held, but we've left the influence of all but the ES low timing, which will expire 1 bar after the open.
A violation of the levels identified as key support on the 45 minute charts would flip our intraday patterns more solidly to short side, implying that we'll see pattern of lower lows and lower highs emerge. Similar in regard to the deeper daily key levels. A break of these would imply a more severe downside correction is in store.
S&P Cash Daily:
ES 45 Minute, at key intraday support now:
Dow Cash Daily:
YM 45 minute, key support 9505:
Nasdaq Cash Daily:
NQ 45 minute, at key intraday support now:
Mark Braun – Market Geometry