Futures Analysis for 8/22
Continue to use the 2874.00 Gann square as the short term swing point, above it look for the 2970.00 Gann square and back below it look for the 2782.00 Gann square. The long term swing point is 2757.00, taking this level out would also get it back below the 200 day average and this will be a very negative sign. The one thing that can give us a sell signal higher up is trading above the 2970.00 Gann square and the 78.6% level at 2975.00 and then closing back below the 2970.00 Gann square. Provided they did do this the downside target will be the 200 day average that is currently at 2802.00.
With a solid close above 2975.00, the 2970.00 Gann square will become the short term swing point and the target is the next Gann square up at 3066.00.
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