The strength of yesterday's rally brought the S&P, Dow and Nasdaq right to daily target/resistance levels. These are the S&P and Dow targets we've been looking for since the low was established with the Gartley support patterns and Fibonacci Timing low cycles. Considering that we also have minor S&P high timing in place, it's quite possible that we'll see an interim high pivot established here and a corrective decline will commence from yesterday's high.

S&P cash daily:


S&P cash daily

Dow cash daily:


Dow Cash Daily

Nasdaq cash daily:


If we do indeed start to see declines from these levels, we'll monitor the 45 minute eMini futures charts in our chat room. We'll want to see if timing factors from the smaller 45 minute pivots will project a cycle low coinciding with price support as a test for termination of a corrective decline. If such a time and price confluence holds, then we've only seen a minor correction. A break through time and price support on shorter term charts would mean an acceleration to downside. It's premature to project the timing work until we can verify that a swing high is in place, but the current price support is valid on the charts below. The bold levels are the most important.

ES 45 minute chart:


ES 45 minute chart

YM 45 minute chart:


YM 45 minute chart

NQ 45 minute chart:


NQ 45 minute chart

Mark Braun – Market Geometry