The retest of the long term swing at 16,300 on 11/26/20 has now taken the market to just short of our long term target of 24,500. This is a major Gann square. A setback from this area can take it all the way back to the long term swing point of 16,300, aside from it being the long term swing point it is now 38.2% back to the 2018 low, giving it even more importance. Any break from the 24,500 area that can not get below 19,300 would keep the market extremely positive, this is 23.6% of the 2018 low and puts it back on the old all-time highs.
A couple close's above 24,500 will turn this into the long term swing point and the next long term target will be 32,100. There are other major Gann squares to contend with before this target and each of them can be used as a swing point once they have been closed above. These are 26,400, 28,400 and 30,500.
For tighter levels of support you can retrace the current high with the low when they retested the 16,300 long term swing point on 11/26/20 and back to the low on 9/9/20. You can also use the secondary Gann square marked by the yellow horizontal lines on the hourly chart below. These are to be used as support/resistance, swing points and targets.