SP500 Futures

(ESH25) 

From last week,

The Gann square cluster between 6102.00 and 6142.00 has now set the market back two more times. Monday's break got below the 5993.00 major Gann square (a $200 setback), but ended up closing back above it and it went to the 6142.00 major Gann square again. Friday's lower close after hitting 6147.75 has it looking like another setback is coming, so the 6142.00 major gann square will be the key level for this week again. With now new high, or low the Above/Below remain the same.

Use 6142.00 as the swing point for the week again.

Below it, provided it stays below the 6142.00 major Gann square it is still possible for a longer term top to be formed. It has already had two $300 setbacks after hitting the first part of the Gann square cluster at 6102.00. Getting right back below 6102.00 after making a new ATH can cause another big setback. The short term target is 23.6% back to the 8/5/24 low at 5915.00, the next key level of support is 38.2% of the same move at 5763.00. The long term target is 23.6% back to the 2022 low at 5530.00. Any setback that holds the previous major Gann square at 5993.00 keeps the trend extremely positive and a new high can quickly follow.

The break on Monday held above the short term target of 5915.00 and the rally from it sent it back into the cluster of major Gann squares between 6102.00 and 6142.00. It also never closed below the 5993.00 major Gann square on that setback. It has been very interesting to see how many times this market has been sent lower by this area and it could be going lower again after Friday's action for the fifth time. When and if the 6142.00 major Gann square is taken out they could go on another big leg up. We will be using the same swing point again for this week.

Use 6142.00 as the swing point for the week again.

Above it, with all the sideways trade for the last 3 months, once above 6142.00 it should go on another run higher. The short term targets are the next major Gann squares at 6290.75 and 6443.00. The long term target is the next cluster of major Gann squares at 7100.00. 

Below it, the idea of a longer term top from the cluster of major Gann squares is still intact as long as it remains below 6142.00. With it getting close to 23.6% at 5915.00 the short term target is now 38.2% of the same move at 5763.00. The long term target area is the 5566.00 major Gann square and 23.6% back to the 2022 low at 5530.00. The long term swing point remains at 5150.00. Any setback that can't close below the 5993.00 major Gann square keeps the trend extremely positive.

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