SP 500 Futures

(ESZ24) 

The chart is key to this analysis.

Below the chart are some ONE44 rules and guidelines when using Fibonacci retracements.

ESZ24

From last week,

There were 3 minor closes below the 5850.5 major Gann square and swing point for the week. However two other things happened this week, the spike below 5850.75 held the tightest support of 23.6% at 5800.00 (5801.00 low) and then the rally from it hit 78.6% back to the high at 5900.00.  Holding 5800.00 should send it to a new high quickly, but failing to make a new high that comes in the area of a 78.6% retracement can be the end of the Bull move for now, per the ONE44 78.6% rule. It is a very small range that this happened in, but this is why we watch all the retracements on every move to see just how weak, or strong the market is regardless of the longer term target. With it being between 23.6% below and 78.6% above the 5850.75 major Gann square will be key for this week again.

Use 5850.75 as the swing point for the week.

 Below it, look for the area of 23.6% back to the 8/5/24 low at 5735.00 and the 5706.00 major Gann square. The short term trend.....

After holding 23.6% at 5800.00 the rally failed to make the new high at a 78.6% retracement of 5900.00 and this did end the rally for right now. The break from 5900.00 hit the first target at 23.6% back to the 8/5/24 low at 5735.00, but it didn't get down to the 5706.00 major Gann square, so this area will be key for the next week.

Use 5735.00 as the swing point for the week.

Above it, The short term target is 78.6% back to the 10/17/24 high at 5884.50. The long term target area above is 6102.00 to 6142.00. Before then there is one major Gann square to use as a target and then as the swing point when closed above at 5993.00

Below it, you will still have to watch for a trade down to the 5706.00 major Gann square and then a close back above 5735.00, as this can cause a very sharp rally back to the highs.  The short term trend swing point is 38.2% back to the 9/5/24 low at 5620.00, here too, a trade below 5620.00 that hits the 5566.00 major Gann square and closes back above 5620.00 can cause a rally that sends it back to the highs. When and if this market has a more serious setback you can look for the area of the 200 day average at 5389.00 and 23.6% back to the 2022 low at 5360.00. The long term swing point is 38.2% of the same move at 5005.00. 

Sign up for free updates on Gold, Crude Oil, SP 500 and Bitcoin HERE.

There are two methods we use at ONE44 to find support and resistance in the markets.

The first are major Gann squares, these are the yellow horizontal lines on the chart. On the chart you can see where the market turned multiple times at these levels.

The second is Fibonacci retracements and this is what most of this post will be about.

There are a few basic rules when using the Fibonacci retracements with the ONE44 rules and guidelines.

This is the short version.

A 38.2% level keeps the trend intact and new highs/lows should follow.

A 23.6% level shows the market is extremely strong, or weak.

A 61.8% level can cause wide swings and keep the market in a trading range.

A 78.6% level can send it 78.6% of where it just came from and even be the end or start of a Bull market.

We have done 43 videos on how to use the Fibonacci retracements with the ONE44 rules and guidelines. These Videos are worth watching even if it is not in the market you are trading, as the ONE44 rules and guidelines are the same for every market. You will also see why we believe the Fibonacci retracements are the underlying structure of ALL markets.

This is the latest.

..

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.