Gold & SP 500 Futures Update 7/12/26
Gold & SP 500 Futures Update
Gold
GCQ26
From the last update,
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.
The new low on 6/30/26 got a little closer to the 38.2% on the August continuation chart, with this being an important 38.2% retracement it will again be the key level for the week. With the new low the Above retracements move down slightly.
Use 3934.00 as the swing point for the week.
Above it, the short term target area is 38.2% back to the 1/29/26 high at 4620.00 and the 4645.00 major Gann square, this is the area that has to be taken out to turn the short term trend positive again. The longer term target area is 5059.50, this is 61.8% of the same move and the 5059.50 major Gann square. Any rally that can't get above 23.6% at 4369.00 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,
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...
The market could not even get close to the 78.6% (7310.00) swing point and it is now a few $ short of a new ATH high (7632.25) on the nearby chart. One thing to watch for is, it makes a new high and then closes back below the 7553.25 major Gann square as this can cause a sharp selloff, this will also be the key level for the week. The September contract will not make a new high until 7693.25 is taken out.
Use 7553.25 as the swing point for the week.
Above it, 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. The long term target is the next cluster of major Gann squares at 8240.00.
Below it, the short term target is 78.6% back to the 6/11/26 low at 7327.00. Any setback that holds 38.2% of the same move would be an extremely positive sign and a new high can quickly follow. The longer 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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