S&P 500 Futures

The chart is key to this analysis.

(ESZ24) 

From last week,

A failure to make a new high that comes in the 78.6% (5807.50) area can send this market quickly lower.

Any setback that holds 23.6% of the same move at 5660.00 keeps the trend extremely strong and new highs should quickly follow.

The setback after hitting 78.6% at 5807.50 could only get to 23.6% back to the 9/6/24 low at 5727.00 keeping this market extremely strong. The rally from it closed above the 5850.75 major Gann square.

What we are looking for now is below,

First here are a few rules and guidelines,
 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 our latest video on how to use the Fibonacci retracements with the ONE44 rules and guidelines.

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SP 500 Futures

10/13/24

ESZ24

From last week,
 

Use the 5706.00 major Gann square as the swing point for the week again.
The long term target area above is 6102.00 to 6142.00. Before then there are major Gann squares to use as targets and then the swing point when closed above, the next two are 5850.75 and 5993.00.
The key area to hold on any setback is 5566.00, this is 38.2% back to the 8/5/24 low and a major Gann square.
On an extended move lower, look for 2583.00, this 23.6% back to the 2022 low, a major Gann square and the 200 day average.
Any setback that holds 23.6% of the same move at 5660.00 keeps the trend extremely strong and new highs should quickly follow.
One thing to add is,
A failure to make a new high that comes in the 78.6% (5807.50) area can send this market quickly lower.

The setback after hitting 78.6% at 5807.50 could only get to 23.6% back to the 9/6/24 low at 5727.00 keeping this market extremely strong. The rally from it closed above the 5850.75 major Gann square.
Use 5850.75 as the swing point for the week.
Above it, 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, the short term target area is one major Gann square back at 5706.00 and 23.6% back to the 8/5/24 low at 5694.00. The longer term target area is 38.2% of the same move at 5582.00 and the 5567.00 major Gann square. The key long term support area is 5309.00 to 5283.75, this is 23.6% back to the 2022 low, the 200 day average and a major Gann square.

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.
 

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