The market continues to hold the area between 9540, this is 23.6% back to the 12/18/2019 low and 9425, a major Gann square. As long as it remains above this it is very positive and the long term target is 11,030. The reasoning for this target was outlined in a previous article on 2/20/2020. The ONE44 long term swing point is 8950, this 38.2% back to the 12/18/2019 low and just above it is the 200 day moving average at 9120. As long as this area holds continue to look for 11,030, with a couple closes below it look for 7200 again.
Attached is a chart with the ONE44/Gann minor static support and resistance levels. These are the minor Gann squares. The major Gann squares are on the Daily chart. Once these levels are set they are static, where with the Fibonnaci retracements they can be dynamic. This is a description on how to use the levels with a quote from W.D.Gann....
ONE44 Static sup/res Charts are best used when the market really doesn't have a firm direction, they then tend to vibrate between these zones. These levels can be used as targets for a current move and also as support and then resistance when taken out and vice versa. They will also help with where to take profits on the Daily Trading Ideas from the Dynamic swing points (DSP).
"Vibration is fundamental; nothing is exempt from this law; it is universal, therefore applicable to every class of phenomena on the globe. W.D. Gann