Good morning,

Here are today’s charts:

http://www.mjbraun.net/Updates10/05-02-08.zip

New highs in the current swings on the daily index charts are a good sign that this rally has more in store for us.  The 45 minute charts are showing high timing for this morning and midday.  Each time that we’ve had high timing on the 45 minute and higher timeframes during this rally it’s resulted in a pause or pullback, but not enough of a pullback to violate important support.  Reactions off support and low timing have been bringing us resistance breaks and new swing highs.  This also is a good indication for a continued rally.  Let’s watch for this pattern to continue.

Gold hit the key support level I had discussed a month ago, and we now have a timing low.  Note that the weekly shows the same support area and we’re in position for a the possibility of more upside on the weekly.  Let’s see if the timing lows on the daily chart will reinforce this price support and lead towards long triggers.  The flipside would be a break of price and time support, leading to a downside acceleration.  Silver is also getting close to timing cycles for a low, and copper broke the support it had been testing. 

Wheat continues to decline and we’re getting close to timing cycles there too.  Beans short is working, watch the bolded .786 support.  Corn is retesting res, if the daily 50 CCI +100 line can break, we’ll likely see upside targets there.

Crude also approaching weekly support and is still above +100 on that timeframe.  There’s no low timing there at the moment, I’ll try the related ETFs as time permits today and over the weekend.

Notes are on the currency charts, some opportunities depending on how the reports push things this morning.  If anything needs serious updating I’ll send new charts along as needed.

Have a good one,

Mark

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