Even though we broke through significant resistance last week on the daily S&P and Dow charts, we still have to consider that higher timeframes show resistance which may make the upside path rocky for now. Here are weekly S&P and Dow cash charts showing formidable resistance, particularly with current timing highs in place:
ES daily chart is also showing a timing high with the focus today, and both ES and YM dailies have reached at least initial interim targets:
Considering prior resistance breaks last week, this combination warns us of the likelihood that we'll see some consolidation starting as a pullback from those initial targets. On any significant pullback we'll look to the bolded daily support levels and the 50 CCI zero line for a hold or break. A hold would alert us to additional buy side opportunities for the long term.
On the intraday timeframes, we have a great deal of 45 minute support in both price and time on the ES and YM. Here's an ES 45 minute chart showing an upcoming timing low, with more significant timing lows through the midday session:
The YM 45 minute held at our major resistance towards the close of Friday's session and is now showing a potential Gartley support pattern from 7744-7802, with upcoming timing lows more specific than the generalized timing support on ES. We can look for a hold at these areas, but if the timing only gives us a slight bounce or pause, expect a downside acceleration.