Current Fibonacci Support and Resistance in Price and Time

Since I took a couple of weeks off from writing this column, I thought it would be a good idea to post one of my typical daily reports to bring us all up to date. The charts for today’s report are in the “zip” file below. Just click that link and download the file to a place you’ll remember, like your desktop. Double click to open it and you’ll find over 40 current charts to go along with the commentary below.

MJBRAUN

We’ve now cleared the index timing support on the dailies and it certainly served as a heads up regarding the strong rally. Let’s keep our fingers crossed against this running out of steam! For longer term, we still have consolidation factors in evidence. We need to break the next immediate .786 resistance levels on the dailies. INDU 12059, SPX 1264, RUT 747 and NDX 2356. NDX resistance isn’t in bold since we’ve had prior resistance breaks saying this SHOULD break too. Nothing standing out on timing for these at the moment. Bond and note, if you’re trading these short term please keep a copy of the daily charts handy too. As I explained in the chat room yesterday the intraday charts would get very messy if I tried to bring all the daily support over to them, and the numbers would be the same anyway. Also we need to pay attention to any .786 support levels holding since there are no additional downside targets in play. Bond daily timing support is labeled on the chart if this continues to drop into support.

Gold needs to break 1777 if we’re going to see more upside on longer term charts. Silver doing well with holding support and should see the nearby targets. I can’t do anything with timing on these at the moment since they’re essentially still in consolidation. That throws off the timing calculations.

I have run timing resistance on USO though. Since crude just rolled there isn’t enough data on the charts to get a strong read on this, but that’s not the case with USO. Showing just a bit of timing resistance on Monday Dec 5th, with much stronger focused on the middle of the month, December 16th. I’ll label this on the chart if we’re rallying into it, but the main thing to focus on right now is remaining price resistance on the crude charts!

Grains showing a relatively small bounce, no res broken. Soybeans, wheat and DBA still rather extended to downside. The only timing factor I could find at the moment is timing RESISTANCE on Soybeans. It’s pretty spread out, but in this case the strongest focus is this coming Monday December 5th. That puts us on the alert for resistance to potential hold, but if it keeps on rallying through then, time (and price resistance) breaks would imply more upside.

If anything needs additional explanation please let me know!

For more from Mark including his “Chart of the Day”, visit MJBraun.net.