S&P 500 E-mini futures trade near a record, with 7,553.25 marking the pivot that separates fresh highs from a pullback, according to a Barchart technical read. Gold futures slipped on the same day, keeping 3,934.00 as the level to watch.
S&P 500 E-mini futures (ESU26) sit at 7,620.25, up 31.50 or 0.42%, a few dollars short of a new all-time high of 7,632.25 on the nearby chart. Barchart analyst Nick Ehrenberg frames 7,553.25 as the major Gann square swing point that divides the two paths.
S&P 500 futures pivot on 7,553.25
Above that swing point, the read points to a run at new highs, with resistance to a new high at 7,693.25 in the September contract, then Gann squares at 7,736.75 and 7,890.75. The long-term target sits near 8,240.00, a cluster of Gann squares.
A break below the pivot flips the picture. The analysis then eyes 7,327.00, the 78.6% retracement back to the 6/11/26 low, with deeper support at 7,150.00 and 6,963.00.
Gold holds 3,934.00 as the key level
Gold futures (GCQ26) moved the other way, trading at 4,113.7, down 27.1 or 0.65%. Ehrenberg calls 3,934.00 the important 38.2% retracement and the key level for the week, describing it as a Fibonacci retracement level. According to Barchart: “The charts are key to this analysis.”
A rally above 4,369.00, the 23.6% retracement, could target 4,620.00 to 4,645.00, with a longer-term target of 5,059.50. A break below 3,934.00 instead points toward 3,776.40 and 3,610.50, then 3,498.00 over the long term.
Source: Barchart
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