SP 500 Futures

The chart is key to this analysis.

(ESZ24) 

From last week,

Use 5850.75 as the swing point for the week again. 

 Below it, look for the area of 23.6% back to the 8/5/24 low at 5735.00 and the 5706.00 major Gann square. The short term trend swing point is 38.2% of the same move at 5620.00. Any setback that holds 23.6% back to the 9/6/24 low at 5800.00 keeps this market extremely positive and new highs can quickly follow, just as it did on 10/8/24. 

There were 3 minor closes below the 5850.75 major Gann square and swing point for the week. However two other things happened this week, the spike below 5850.75 held the tightest support of 23.6% at 5800.00 (5801.00 low) and then the rally from it hit 78.6% back to the high at 5900.00.  Holding 5800.00 should send it to a new high quickly, but failing to make a new high that comes in the area of a 78.6% retracement can be the end of the Bull move for now, per the ONE44 78.6% rule. It is a very small range that this happened in, but this is why we watch all the retracements on every move to see just how weak, or strong the market is regardless of the longer term target. With it being between 23.6% below and 78.6% above the 5850.75 major Gann square will be key for this week again.

Use 5850.75 as the swing point for the week.

Above it, the long term target area above is 6102.00 to 6142.00. Before then there is one major Gann square to use as a target and then as the swing point when closed above at 5993.00. 

Below it, look for the area of 23.6% back to the 8/5/24 low at 5735.00 and the 5706.00 major Gann square. The short term trend swing point is 38.2% of the same move at 5620.00. When and if this market has a more serious setback you can look for the area of the 200 day average at 5365.00 and 23.6% back to the 2022 low at 5337.00. The long term swing point is 38.2% of the same move at 5005.00. 

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