ONE44 Analytics S&P Outlook
ESH20 - Emini S&p 500
The S&P fell 10 ticks short of the 3266.00 major Gann square target after closing above the previous major Gann square of 3166.00.
The break from there took them down over 50 handles and to 23.6% (3212.00) of the leg up from the retest of the 3066.00 major Gann square on 12/3/2019. Even though they have already reacted from the 3266.00 level, you will have to watch it again for a possible sell signal, that would happen by trading well above 3266.00 and then closing well below it. Provided this did happen the risk to be short is that days high and the first target would be the area of the 3166.00 major Gann square and 23.6% (3150.00) of the 8/16/2019 low.
With a solid close above 3266.00 it will become the long term swing point and the next target is the 3377.00 major Gann square. This will also keep our long term target zone of 3474.00/3492.00 in play.
Ideally, we would like to see this happen on the major Gann timing coming on the 21st, but if more time is needed there is secondary timing on the 25th and 30th.