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Short Term Fibonacci Parameters for ES Support and Resistance |
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By Mark Braun
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August 11, 2011
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Here's a current 45 minute regular trading hours chart for the ES (CME eMini S&P futures):
 Click on image to enlarge!
After spiking down to a target right after Tuesday’s FOMC news, the subsequent rally created at least the possibility of a pattern shift to upside. Yesterday’s drop brought this market to a hit and hold at key support, the .786 retracement of the prior low to high. If this breaks we can expect to see the market extend to the next downside target at 1076. This would also imply a significant daily support break if we see a session close around that level, so if the target is met be on the lookout for the possibility of a substantial bounce!
The resistance labeled at 1162 is the level which would have to break to reaffirm that we’re focusing on upside instead, with the related target labeled beyond that point.
For more from Mark including his “Chart of the Day”, visit MJBraun.net. |
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