The S&P now has two decisive closes below the long term swing point at the 3266.00 major Gann square. With the first one they got right back above it the next day, but failed to make a new high. The major Gann timing was on 1/21/2020, one day off the all-time high, it did not get up to the long term target of 3474.00/3492.00 or even the 3370.00 Gann square, but this timing is very important for how long this top can stay in. The next major Gann timing is not until late May, so this is how long the top could last. There is some important, but not major Gann timing also coming in early March as well to watch for. With the second close below 3266.00 and the timing being behind this top, the first target is 3122.00 to 3090.00, the first level is the 90 day moving average and 38.2% back to the 8/6/2019 low, the second is 23.6% back to the 12/26/2018 low. On a bigger failure from the all-time high the next zone to look for is 3013.00 the 200 day average, 2992.00 this is 61.8% back to the 8/6/2019 low, 2982.00 this is 23.6% back to the 2/11/2016 low, the 2970.00 Gann square and then 2946.00 38.2% back to the 8/6/2019 low. This is a very large range to watch for, but as you have seen on fast breaks that turn into bottoms, they could hit all of these levels in the same day, or over a couple days and then close above the 200 day to end the break. All of these targets rely on it staying below the 3266.00 major Gann square and long term swing point. With a solid close back above 3266.00 the target is the 3370.00 major Gann square and any failure to take out the timing high would be a negative sign and bringing back all the downside targets. Provided they did make new highs the rally should continue in to the next major Gann timing at the end of May, or at least early March.