Support Levels

Hourly resistance held and now it is time to looks for support levels to hold. This is the hourly S&P 500 chart (ES Z0-60min), showing failure at timing. Support shows up in the 1172-177 range.



Here is the S&P 500 daily chart (ES-Z0-D). Support is in the 1166-1172 range. As long as that support area holds, the rally remains intact. A break below 1155 is potentially a serious problem.



You can see that the Dow (YM Z0-240min) hit the 127% extension almost to the penny and has reversed back down. This occurred as other indexes were also hitting upside targets and had timing for a reversal.

I have listed the support levels for the Dow.