It's a pretty interesting morning for technical traders. A lot of markets look as though they might be forming a base at technically significant levels. This could easily set up for a year end rally so it looks like Fibonacci and Santa might be planning something. Here are some examples

 

US SPX 500

 

This neatly rejected a harmonic AB=CD level. The actual S&P 500 index also neatly rejected the 50% retracement of the August to November rally

US SPX 500 cash CFC Daily Click to Enlarge US SPX 500 cash CFC Daily
Click to Enlarge

 

Germany 30

 

The Germany 30 neatly rejected the 61.8% Fibonacci retracement as well as an AB=CD level which is the classic Gartley 222 set up

Germany 30 cash CFD Daily Germany 30 cash CFD Daily

 

Crude Oil West Texas Cash

 

I've used a monthly chart here to show a bit of history so it doesn't highlight the potential rejection that last night's bounce on the daily chart does. However, the whole move down from $112.43 in August 2013 looks like an Elliot 5 wave structure. The recent low represents a level where the final swing down would be 38.2% of the length of the whole move down from "X" to "3" which is a common occurrence.

Crude Oil West Texas CFD Monthly Crude Oil West Texas CFD
Monthly

 

BHP

 

Yesterday's low in BHP found a harmonic AB = CD level. A strong day today would look like potential rejection of this level

BHP. ASX Daily Source: CMC Pro Platform BHP. ASX Daily
Source: CMC Pro Platform

 

CBA

 

Yesterday was a large red candle that finished on it's low so it's no certainty that the current supports will be rejected. However, yesterday's low stopped neatly at trend channel support. If this level is rejected it will also represent a brief false break through the 50 day moving average which is just how the last 2 corrections in CBA have finished. However, if CBA does drift a little lower, the 50% retracement level might also come into play

CBA. ASX Daily Source: CMC Pro Platform CBA. ASX Daily
Source: CMC Pro Platform