Will the S&P 500 find support at these levels and move higher, or is the market prepping for a major retracement?

Below is a current daily chart of the June Gold contract, GC. Let's take a few minutes and step through the trendlines on this chart so that we can be sure we're looking at the same thing.

June TF Daily showed an upside target at 840. The high was 840.50.

The target was calculated by taking the difference from point A to point B, multiplying this by the Fibonacci 1.272 extension, and projecting upward from point B to get C. That's considered a major target, and is the first indication that the swing is extended to upside. Since no daily support has broken, we can switch to intraday charts to find shorter term short side possibilities.

A small pullback yesterday resulted in the formation of a very strong support pattern: The Gartley. Here's a 15 minute chart from the Wednesday close:

The S&P 500 is sitting at a critical level, with the possibility of dropping hard or rallying into 1400. While we wait, let's take a look and see what else is happening...

Since the index charts have rolled to June, it's a good time to evaluate our new Fibonacci levels based on the June contract's highs and lows.

The 45 minute ES chart shows the same key levels as the daily, but it can be easier to see specifically what's in the way of a continued rally:

Since we're so overbought on the daily charts, I look for the start of a breakdown on intraday to indicate a potential shift in pattern to downside on longer term too.

Here's a 45 minute chart from before pit open:

The stock market indices are at major resistance points right now because of Fibonacci confluence and previous structure, What could happen here? Higher? Lower? Let's take a look.

Below is the current daily chart for the March 2012 ES contract.

The target was derived as shown by the red trendlines; October's high to November's low multiplied by 1.272 and projected upwards. There are additional targets above, but reaching the 1.272 extension of such a large swing tells us that this swing is potentially overbought. It would take quite a breakdown to shift the pattern to short side on this timeframe, but starting here we certainly have a reason to be prepared for pullbacks and consolidation.

The big news recently has been Apple's report during the closed market, it has opened high and seems to be climbing higher. Google has dropped back from its earlier gain. We also look at gold, silver, and oil today.