While we use the 45 minute to determine intraday trend, one of the interesting things here is that the 45 minute target at 1285.00 would also represent a new daily swing high, exceeding last October's high. If that target is met, we may very well see an upside acceleration as more major daily pivots would be broken.

Here’s the 45 minute chart:

Click on image to enlarge!

The first leg of the red trendlines is drawn from yesterday’s low to the high near the close. The combination of the 2 trendlines shows how this morning’s downside target was calculated; it’s 1.272 times the rally into the close. That came in at 1259.76 and this morning’s low was 1259.75! Now we’ll have to see if the bold resistance at 1275.47 holds or breaks. That’s the “gatekeeper” between current price and the upside target at 1285.00 If this market isn’t ready to make new swing highs that should hold.

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