S&P 500 Full AnalysisE-mini S&P 500 FuturesCME_MINI_DL:ES1!The-white-goatWeekly Timeframe Currently, we are in a bearish market structure on the weekly timeframe, so it is more likely than not that we continue to the downside, following the current trend. We also have one large structure whose target zone has not yet been reached, at roughly 8000. We have two valid trend reversal areas, and we expect price to reverse at these levels. Yearly Opens It is the most important level to watch across all major assets (you can combine it with the volume profile of each year). The yearly open is a key level in all macro assets. It is a universal benchmark. Every major participant shares that level (hedge funds, asset managers, pension funds, sovereign wealth funds, etc.). All reset their P&L to zero on January 1st. Everyone measures performance relative to that single price throughout the year. This shared reset creates a gravitational pull around the level for the entire year. There is significant interest around this level via options, stop losses, risk systems, momentum algorithms, etc. Once it breaks, it can amplify moves to both the downside and the upside. I would monitor the (25) yearly open closely as we approach it. A reversal out of this zone is likely if we drop that far. As mentioned, you can combine yearly opens with the volume profiles of each year. It provides additional confluence on top of the rest. Conclusion I do not know where price is heading. We could reverse immediately from these levels or continue trending down slowly or rapidly. The key thing to understand is that I do not know, and no one knows, because it is a future event. What you should do instead is have a plan for every scenario. So if we move back to new all-time highs, you know what to do, just as you do if we continue chopping or falling. The key is not to get caught complacent.