Why I'm not buying....Yet!

In the graph of the Dow emini below we see that it has retraced passed the 68% fib mark but is moving up towards the 50% fib mark which will likely be a stiffer test. We also see the trendline drawn and is still significantly higher than the current price. The S&P emini is in a similar situation. Given these high resistance areas yet to come, I would not be a longer term buyer just yet. It is likely that we could see some more retracement up here to the resistance points in the short term. One encouraging note, there is positive divergence on the indicators shown. I will be looking for a break of the resistance areas before feeling like we'll have room for more significant upside.