Once again I'm including weekly charts on some of the securities we're following to give us a longer term perspective to start the week. On SPX and INDU weekly you can see that 50 CCI is holding below zero. Still, if we're going to see another leg down, I'd be looking forward to a much smoother decline if the indicated upside targets on these charts are met first. Those are target extensions from the swing into the low and they represent strong potential turning points if we're seeing a corrective rally since the March lows. But even a corrective rally isn't complete until at least initial upside targets have been reached. A good deal of daily and weekly resistance symmetry has broken as well, and this calls into question whether a downside move can be sustained. So for now, at least until we see those upside targets, the charts are favoring additional long side. Note that last week's timing lows on daily are holding. I've cleared that info off the charts since we've moved past the timing influence.
S&P Cash Weekly, we're passing through the last of the weekly timing high factors, so this pressure will reduce during this week:
Dow cash weekly:
Nasdaq cash weekly already made the initial upside target, next is 1607:
S&P, Dow and Nasdaq cash dailies all held during last week's time cycle support for a pivot low:
On our 45 minute ES chart, the 919 resistance is holding firm. Prior resistance breaks favor this breaking on a retest too, but first we'll have to clear this morning's timing high. The timing high does have the potential to bring a significant reversal to downside, but it's more probable that we'll see a pause and congestion:
The YM 45 minute chart needs a break of the .786 resistance at 8413. If it drops instead, key support is at 8357. One side or the other has to break in order to clear current congestion:
NQ 45 minute chart is also showing a timing high for this morning's session. If this can clear through this morning's session without a significant drop, essentially maintaining 45 minute price support levels, next key resistance is 1490: