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ESH20 update 1/20/2020

S&P hit major Gann timing

The major Gann timing is tomorrow and they are no where near the long term target of 3474.00/3492.00, so there is no reason price wise, why the market should turn down. There is also some secondary Gann timing in to the end of the month, but unless it hit the 3370.00 major Gann square or the long term target there is no reason to sell. The only thing that would concern me with this timing is if they get a couple closes back below the 3266.00 major Gann square, that is now the long term swing point. Any break from here that can only get back to 23.6% (3199.00) of the August low would keep this market extremely positive.This next part is so you are aware of the potential on a bigger break.Provided they do get back below 3266.00 the first target would be the area of 38% (3119.00) back to the August low and 23.6% (3090.00) back to the December 2018 low. The next area to watch for support is the 200 day average at 2998.00, 61.8% (2986.00) back to the August low, the 2970.00 major Gann square and then 38% (2944.00) back to the December 2018 low.