Gold & SP 500 Futures Update
Gold
GCZ26
From last week,
The setback from 38.2% back to the ATH at 4700.00 failed to hold 38.2% back to the 6/30/26 low at 4475.00 and that has the Intermediate term and now short term trend negative. As we have mentioned before, the long term trend remains positive until 38.2% on the continuation chart is taken out at 3934.00. The key level for the week is the 4495.30 major Gann square.
Use 4495.30 as the swing point for the week.
The market put out another new low for the move coming off of 28.2% at 4700.00 and that keeps the Intermediate trend negative. The rally from the new low is just shy of 38.2% back to the 8/25/26 high at 4452.00 and this will be the key level for the week, failing to get above it keeps the short term trend negative. As we have mentioned before, the long term trend remains positive until 38.2% on the continuation chart is taken out at 3934.00. The key level for the week is the 4495.30 major Gann square.
Use 4452.00 as the swing point for the week.
Above it, the short term target is 78.6% back to the 8/26/26 high at 4648.00, this is also a major Gann square. 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 area is 78.6% back to the 6/30/26 low at 4170.00 and the 4122.00 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
From last week,
Since the last update the market could not get two closes in a row above the 7736.75 major Gann square and swing point for the week, however the setback from this level held above the tightest 38.2% level at 7610.00 and that keeps the trend extremely strong and a new high possible, so this will be the key level for the week. This 38.2% level came from the 6/11/26 low when it held above the last cluster of major Gann squares at 7229.00. The long term target is the next cluster of major Gann squares above.
Use 7610.00 as the swing point for the week.
Below it, the short term target is 23.6% back to the 3/31/26 low at 7495.00. The longer ....
The quick break below the 7610.00 (38.2%) swing point held above 23.6% at 7495.00 and quickly got right back above it, keeping the market very strong. It is now trading the December contract and we have to watch two levels. We always want to watch the 78.6% retracement back to the contract high on the Nearby chart and the actual December chart. On the Nearby chart this level is 7781.00 using the December chart the retracement is 7835.00. This is the hard part when the contracts roll, it can turn down from 7781.00 on the Nearby chart and this will be the key level for the week, however you have to watch the Dec, level at 7835.00.If it were to get up there it could possibly make a new ATH, but would only be 78.6% on the Dec. and a failure to make a new high (Dec. contract high is 7905.00) in the area of a 78.6% retracement can cause a sharp selloff per the ONE44 78.6% rule.
Use 7781.00 as the swing point for the week,
Above it, the short term target is 78.6% back to the 8/13/26 high at 7835.00, a failure to turn lower from there 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 8060.25. The long term target is the next cluster of major Gann squares at 8240.00. Keep in mind that a failure to make a new high in the area of a 78.6% retracement (7835.00) can cause a swift sell off per the ONE44 78.6% rule.
Below it, the short term target area is 78.6% the other way at 7575.00 and the 7553.20 major Gann square. The longer term target area is the 7388.75 major Gann square and 78.6% back to the 6/11/26 low at 7370.00. The key long term area for now is 7280.00 to 7188.00, this is 38.2% back to the 3/31/26 low, a major Gann square and the 200 day moving average (all on the chart).
ONE44 Analytics where the analysis is concise and to the point
Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements, that we believe are the underlying structure of all markets and Gann squares.
If you like this type of analysis and trade the Grain/Livestock futures you can become a Premium Member.
You can also follow us on YouTube for more examples of how to use the Fibonacci retracements with the ONE44 rules and guidelines.
FULL RISK DISCLOSURE: Futures trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Commission Rule 4.41(b)(1)(I) hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Past performance is not necessarily indicative of future results.