With the exception of Nasdaq, index prices inched higher yesterday into the close. S&P and Dow have just slightly surpassed the initial daily targets. Once more, while we should be able to see higher highs as these work towards the weekly targets discussed yesterday, we need to be alert to the possibility of pullbacks. Nasdaq is currently holding at the second weekly target too. We're now right between the initial timing high dates on the S&P and Dow as shown last week. While this is relatively minor timing, it still has a high probability of signifying a pullback or at least consolidation/congestion for the next few days.

S&P cash daily:

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And weekly:

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Dow cash daily:

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And weekly:

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Nasdaq cash daily:

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And the target/resistance on weekly:

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Since the daily swing lows establish earlier this month, the 45 minute futures charts have served as a guide since all significant support held on each pullback, presenting additional buy side opportunities during each leg up. If we see a pullback from the current price and time resistance, once again we'll look to these charts for support holds or breaks initially.

ES 45 minute chart:

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YM 45 minute chart:

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NQ 45 minute chart:

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Mark Braun – Market Geometry

www.mjbraun.net