Gold & SP 500 Futures 6/28/26

Gold

GCQ26

From the last update,

The market failed to turn higher at the 78.6% retracement of 4300.50 and made a new low for the move. It held the 4118.50 major Gann square and the rally from it is currently back above 78.6% and the 4300.50 major Gann square and this will be the key level for the week again.

Use 4300.50 as the swing point for the week.

 Above it, the short term ... Any rally that can't get above 23.6% of the same move at 4426.00 is a very negative sign and a new low can quickly follow.

 Below it, The short term target is the 4118.40 major Gann square. The long term target is 38.2% on the August continuation chart at 3934.00, this is also a major Gann square.

The rally from the 4118.50 major Gann square could not get above 23.6% at 4426.00 and it quickly made a new low keeping the trend very negative. The new low held above the 38.2% level on the weekly continuation chart at 3934.00 and this will be our key level for the week. A rally from here can send it to a new high when following the ONE44 38.2% rule, however we will watch every retracement on any rally to see just how strong, Or weak the market is regardless of the long term target.

Use 3934.00 as the swing point for the week.

Above it, the short term target is 38.2% back to the 1/29/26 high at 4645.00, this is the level that has to be taken out to turn the short term trend positive again, it is also a major Gann square. The longer term target is 5059.50, this is 61.8% of the same move and a major Gann square. Any rally that can't get above 23.6% at 4375.00 keeps the trend extremely negative and a new low can quickly follow.

Below it, the long term target is 38.2% on the monthly continuation chart at 3498.00. Before then there are two major Gann squares to look for support and then use as the swing point when closed below at 3776.40 and 3610.50.

SP 500 Futures

ESU26

From the last update,

The Futures will be moving into the September contract, however we will still have to watch the June contract on the nearby chart for the week, when June goes off these levels will apply to September. The break to start the week had one close below 7325.00 (23.6%), it held above the major Gann square cluster at 7237.50 and closed back above 7325.00 the next day to keep the trend very strong. We will now watch the 78.6% retracement above that moved down to the 7553.25 with the new low this week This will be the key level for the week. A failure to make a new high in this area can cause the end of the rally for now (ONE44 78.6% rule) just as it did in AMZN and NVDA (shown in previous update).

Use 7553.25 as the swing point for the week.

 As we said above (The Futures will be moving into the September contract, however we will still have to watch the June contract on the nearby chart for the week, when June goes off these levels will apply to September.)  With the roll of the contract into September the nearby chart could not get a solid close above 78.6% at 7553.25 and it has had a setback of over $150 so far. The first target on a setback from a 78.6% (7553.25) when following the ONE44 78.6% rule is 78.6% the other way at 7310.00 and this will be the key level for the week. 

Use 7310.00 as the swing point for the week.

Above it, If this is all it can setback a new high is the short term target. With a new high there are only major Gann squares to look for resistance and then use as the swing point when it is closed above, the next two are 7736.75 and 7890.75. 

Below it, the short term target is 38.2% back to the 3/31/26 low at 7150.00 failing to hold this area would turn the short term trend negative. The long term target is 23.6% back to the 2025 low at 6963.00. If the market starts to melt down the first key area is 6645.00 to 6555.00, in this area it is 23.6% back to the 2022 low, 78.6% back to the 3/31/26 low and 38.2% back to the 2025 low.

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