Key Levels For SP 500 Futures
SP 500 Futures
The chart is key to this analysis.
2/1/25
From last week,
The low for the week could not even get back below the 5993.00 major Gann square, there was also no setback from the March 78.6% level at 6099.00. It made a new high on the nearby chart and had one close above the top end of the cluster of major Gann squares at 6142.00, however it closed back below it on Friday and this will be the key level for the next week.
Use 6142.00 as the swing point for the week.
Below it, provided it stays below the 6142.00 major Gann square it is still possible for a longer term top to be formed. It has already had two $300 setbacks after hitting the first part of the Gann square cluster at 6102.00. Getting right back below 6102.00 after making a new ATH can cause another big setback. The short term target is 23.6% back to the 8/5/24 low at 5915.00, the next key level of support is 38.2% of the same move at 5763.00. The long term target is 23.6% back to the 2022 low at 5530.00. Any setback that holds the previous major Gann square at 5993.00 keeps the trend extremely positive and a new high can quickly follow.
The Gann square cluster between 6102.00 and 6142.00 has now set the market back two more times. Monday's break got below the 5993.00 major Gann square (a $200 setback), but ended up closing back above it and it went to the 6142.00 major Gann square again. Friday's lower close after hitting 6147.75 has it looking like another setback is coming, so the 6142.00 major Gann square will be the key level for this week again. With no new high, or low the Above/Below remain the same.
Use 6142.00 as the swing point for the week again.
Above it, there are only major Gann squares to look for resistance and then use as the swing point when closed above, the next two are 6290.75 and 6443.00.
Below it, provided it stays below the 6142.00 major Gann square it is still possible for a longer term top to be formed. It has already had two $300 setbacks after hitting the first part of the Gann square cluster at 6102.00. Getting right back below 6102.00 after making a new ATH can cause another big setback. The short term target is 23.6% back to the 8/5/24 low at 5915.00, the next key level of support is 38.2% of the same move at 5763.00. The long term target is 23.6% back to the 2022 low at 5530.00. Any setback that holds the previous major Gann square at 5993.00 keeps the trend extremely positive and a new high can quickly follow.
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