Gold & SP 500 Futures Update 5/3/26
Gold & SP 500 Futures Update 5/3/26
Gold
From the 4/19/26 Update,
Monday’s lower opening held above 38.2% back to the 3/23/26 low at 4607.00 keeping the trend extremely positive and it closed above the 4722.00 swing point for the week and then went on to make a new high. It closed right at 4871.00 major Gann square and this will be the key level for the week.
Use 4871.00 as the swing point for the week.
Below it, the short term target is 38.2% back to the 3/23/26 low at 4619.00, holding this level keeps the short term trend extremely positive and a new high can follow (ONE44 38.2% rule). The longer term….
The setback from the 4871.00 major Gann square and swing point for the week hit the short term target of 38.2% back to the 3/23/26 low at 4619.00 and this will be the key level for the week. It did have one solid close below 4619.00, but the next day it was right back above it. As long as this level holds the short term trend stays positive and the long term trend remains positive above 4135.60 (38.2%).
Use 4619.00 as the swing point for the week.
Above it, the short term target is the 4871.00 major Gann square. The longer term target area is the 5062.50 major Gann square and 61.8% back to the ATH at 5085.00.The long term target after holding 38.2% back to the 2022 low is a new high per the ONE44 38.2% rule.
Below it, turns the short term trend negative and the short term target area is the 4310.00 major Gann square and 78.6% back to the 3/23/26 low at 4294.00. A failure to hold 38.2% back to the 2022 low at 4135.00 will give us a long term target of 61.8% of the same move at 3210.00. Before then there are major Gann squares to look for support and then use as the swing point when closed below, they are marked on the chart.
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SP 500 Futures
From the 4/19/26 Update,
The less than one day setback from 6900.00 could not even get below the previous major Gann square at 6752.00 overnight on Sunday keeping the trend extremely positive and the close ended up being above 78.6% at 6900.00 and the next day it closed above it again and that ended the idea of a turn lower from this area. It has now gone through the 7054.00 major Gann square and is approaching the Cluster of major Gann squares at 7229.00. The first chart shows the previous cluster at 6142.00 and how it stopped the market for 3 months before turning lower and ended up hitting 23.6% back to the 2009 low at 4830.00.
Can we get another big turn lower from this next cluster of major Gann squares is yet to be determined, as always it can have one close above it, but we do not want to see two in a row, or the level is violated and we keep looking for the next major Gann square. Provided there was a setback from this area we will watch the Fibonacci retracements below to see if short/longer term trend gets violated and gives us another reason for the market to go lower. The two key lows to use with the retracements are 3/31/26 and the 4/7/25 low
Use the 7229.00 major Gann square cluster as the swing point for the week and longer term.
Above it, you still have to watch for a trade up to, or above 7229.00, however we don’t want to see two higher closes in a row above it. A failure to turn lower
It has now hit the cluster of major Gann squares at 7229.00. It has two closes above it, however the second close above it was not impressive since it was up $55 and only closed $11 up on the day. The current cluster of major Gann squares at 7229.00 will be the key level for the short and long term.
Use 7229.00 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 it is closed above, the next two are 7388.75 and 7553.25. When and if they stay above 7229.00 we will set the long term target.
Below it, while there is a good shot at turning the market lower from the major Gann square cluster we will start by watching the Fibonacci retracement back to the 3/31/26 low for the first sign of a trend change. The short term target area is 38.2% back at 6936.00 and the 6907.00 major Gann square. Holding this area keeps the short term trend positive and a new high can follow. The longer term target area is 6756.00 to 6720.00, this is the 200 day average, the 6752.00 major Gann square, 61.8% back to the 3/31/26 low and 23.6% back to the 4/7/26 low. Any setback that holds 23.6% back to the 3/31/26 low at 7053.00 keeps the trend extremely positive and a new high can quickly follow, this is also a major Gann square.
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