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ONE44 Analytics S&P update 1/26/2020

The key level for tonight and tomorrow will be the 3302.00 DSP. Getting right back above it should send them back to the highs again and then on to the major Gann square at 3370.00. The long term target area is still up at 3474.00/3492.00. Failing to get above 3302.00 and closing below the 3266.00 major Gann square should set up a bigger decline, most likely to the area of 38.2% (3126.00) of the 8/6/2019 low and 23.6% (3099.00) back to the 12/26/2018 low. Another area to watch for support overnight and tomorrow with new lows is the combination retracements of the last 2 spikes down on 1/7/2020 and 12/3/2019, these are 38.2% at 3278.00 and 23.6% at 3275.00 respectively. If this area is violated you can then us it as the DSP. Trading down to the 3266.00 major Gann square and then closing above 3278.00 would be very positive sign.

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