The difference between this timing resistance and earlier timing resistance is that price is also at a significant target level; 1169 is the 1.272 target ratio derived from the swing into the low (June 21st – July 1st). Very often price will hold at the 1.272 multiple of the swing into a prior reversal point and we’re approaching that target together with the significant timing factors.

We can step down to the ES (CME eMini S&P) chart that we use to determine trend in my chat room:

Click on image to enlarge!

On each pullback this week, the same type of timing calculations were used to determine when a corrective decline should terminate. In each case, time and price support held. Now we’re facing timing resistance on this intraday chart for this morning’s session too, the smaller swings also pointing to a possible reversal in agreement with the daily timing resistance calculations. Plus there are 3 price targets overlapping above in the 1160 area and just beyond.

So our longer term charts are pointing to this area as a high probability reversal point for at least an interim high. How will we determine if this is happening? Since each pullback has held intraday price and time support, the first sign of a more major breakdown would be failure to hold these factors on a pullback. The key timing factors show the strongest overlaps today and tomorrow, and this extends into Monday. Let’s be on the lookout for the possibility of downside kicking in during this phase!

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