S&P500

ESU20 update

Friday's close was just under 38.2% of the 6/15/20 low, this is 3335.00. The swing point to say the market is going to continue down is 3407.00, on a closing basis and the first target is still the area of the 3266.00 major Gann square and 23.6% of the 3/23/20, this is 3254.00. They did have some big swings from the first time they hit 3335.00 and when you get this kind of action in front/above the first target (3266.00/3254.00), it is less likely to hold, so keep in mind the next target and longer term swing point is the 3066.00 major Gann square and 38.2% back to the 3/23/20 low (3048.00).What you do want to see, if the first target is going to hold, is that they hit it and get away from it as fast as possible and the close is back above the low of the current trading range at 3295.50 and even better above 3335.00. When and if they get down there, the day's DSP will have even more importance for the bigger move. For the upside, with a couple solid close's above 3407.00, the break should be over and you can look for a retest of the 3582.00 major Gann square.