Good morning,

Here are today’s charts:

http://www.mjbraun.net/JulyUpdatesA/07-24-08.zip

Our 45 minute index timing showed us the daily highs yesterday, but without much of a decline afterward.  This suggests that the timing just introduced a pause before the rally can continue.  I’ll be on the lookout for additional buy side opportunities after corrective pullbacks.  Note how the dailies, cash and futures, are just now encountering significant resistance.  Only the RUT/ER is starting to show a daily long trigger, and NDX has actually set up a small 2 step resistance pattern.  Continued buy side triggers on our higher timeframe intraday charts should be able to overcome these resistance zones.  Weekly cash charts included as a reminder of what’s in the way longer term, should the rally sustain.  We’re also in the timing low windows on the weeklies, and seeing some cases of price/CCI divergence favoring more upside.

Bonds approaching key .786 support.  If this holds, we’ll see a period of congestion setting in with this market.  Related securities: TIP has already broken the corresponding support and has a clear path to near overlapping targets below.  TLT is testing that support right now.

Crude broke the key support yesterday which we had previously discussed.  Initial downside targets on CL and QM are in the 115 zone.  Watch XLE at daily/weekly support – wouldn’t be at all surprising to see this break today or tomorrow.

Gold also broke support and initial downside targets are the extensions at 892-893.  GLD has one day remaining on timing support, but indeed the rhythm of the uptrend is eroding, demonstrating that our earlier price and time resistance was stronger.  Prior support break point to more downside on GLD despite the timing low.  Weekly chart serves as a reminder that we’ve rejecting the underside of the 50 CCI +100 line, but there is more support in the way before we can see significant downside.

SLV and silver also breaking down.  Note that both are right at 50 CCI zero line decision points now.  Copper starting to break the .786 support, possibly losing the congestion pattern and forming 2 step support against lower extensions.

Grain declines continued as expected – approaching key support levels in bold.

Still keeping an eye on daily/weekly support overlaps on EWZ.  CALM still holding resistance after our additional long triggers – but continued tests of res should break it.  QCOM had after hours news which appears to have resulted in the stock reaching our initial 2 step target overnight.  A good opportunity to watch for pullbacks and buy side triggers as there’s still plenty of room to weekly targets.  OSG working well so far, still need that .786 broken on daily.  More stock info will be forthcoming this weekend.

Notes on the currency charts as usual.

Have a good one!

Mark