Gold & SP 500 Futures Update 10/11/26

Gold

GCZ26

December

From last week,

All of the closes were below the 4452.00 (38.2%) swing point and it made another new low on the setback from 4700.00, this is 38.2% back to the contract high. While the ONE44 38.2% rule is still looking for a new low on the break from 4700.00, the low this week hit the short term target area of 78.6% back to the 6/30/26 low at 4170.00 and the 4122.00 major Gann square. The key level for the week will be 78.6% at 4170.00. A failure to make a new low in this area can be the start of the next Bull move per the ONE44 78.6% rule. This is why we watch all the retracements on every move to see just how weak, or strong the market is regardless of the longer term target. Longer term the market remains positive above the 38.2% level at 3934.00 on the continuation chart.

Use 4170.00 as the swing point for the week.

 It did have a couple closes below 4170.00 (78.6%), however it never closed below the 4122.00 major Gann square and didn't make a new low (previous low was 4015.60). Friday's close got well above 4170.00 and this will again be the key level for the week. This remains important, A failure to make a new low in this area can be the start of the next Bull move per the ONE44 78.6% rule.

Use 4170.00 as the swing point for the week again.

Above it, the short term target is 78.6% the other way at 4613.00 per the ONE44 78.6% rule, this is also a major Gann square. Any rally that can't get above 38.2% of the same move at 4340.00 is a negative sign and a new low can quickly follow. It still needs to take out 38.2% back to the ATH at 4700.00 to turn the Intermediate trend positive and a run at a new ATH possible.The longer term target area is the 5048.50 major Gann square and 61.8% back to the contract high at 5097.00. The long term target area is 78.6% of the same move at 5410.00 and the 5452.00 major Gann square.

Below it, the short term target is 3934.00 this is 38.2% on the continuation chart and a major Gann square.  The long term trend remains positive above 3934.00, if this level is taken out we will update the long term downside targets.

SP 500 Futures

ESZ26

December

From last week,

As we laid out what can happen when the contracts roll, it made a new high on the Nearby chart, but only hit 78.6% at 7835.00 on the December chart. The setback from there held 23.6% back to the 6/11/26 low at 7700.00 keeping the trend very strong.The rally from there hit 78.6% back to the 9/22/26 high at 7810.00 and this will be the key level for the week. It has already failed to make a new high in December at 78.6% (7835.00) and now it is testing that area with another 78.6% retracement, so it will be a very important level for the week, provided this level holds it can send it 78.6% the other way per the ONE44 78.6% rule. Taking it out can send it to the long term target of the next cluster of major Gann squares at 8240.00.

Use 7810.00 as the swing point for the week.

 Above it, a failure to turn lower from 7810.00 will give us only major Gann squares to look for resistance and then use as the swing point when it is closed above, the next two are 7890.75 and ....

There was no turn lower from 7810.00 (78.6%) and it has now gone on to a new high hitting the 7890.75 major Gann square and this will be the key level for the week.

Use 7890.75 as the swing point for the week.

Above it, after making a new ATH it is very important that it stays above the previous high of 7848.50 on the Nearby chart. The long term target is the next cluster of major Gann squares at 8240.00. There is one major Gann square before then to look for resistance and then use as the swing point when closed above at 8060.30.

Below it, the short term target is 23.6% back to the 3/31/26 low at 7736.75, this is also a major Gann square, holding this level keeps the trend extremely positive and a new high can quickly follow. The longer term target is 38.2% of the same move at 7639.00, taking this level out would turn the short term trend negative. The long term target is 23.6% back to the 3/31/26 low at 7528.00.

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