PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

May 24th, 2013: EOD Update

Posted by pugsma on May 24, 2013

3:55 pm EST:  The SPX put in a higher low today at 1636.88 vs 1635.53.  The $NYMO looks like it will close below is lower BB for the third consecutive day, which has not happened since late December 2012 when the SPX rallied from the minor 2 of major [3]-P3 1343 low.

The primary count is that wave (4) of minor 5 of major [5]-P3-C1 bottomed at 1635.53 yesterday.  Yesterday’s move to 1655.50 was wave i-(5) and today’s move to 1636.88 wave ii-(5).   The next move should be a wave iii-(5) up to target area of 1676, where iii=2.62*i.  Ultimately, wave (5) should reach a target at 1694 to 1734.  This primary count as labeled would become invalid on a move below 1635.53.   However, keep in mind if wave (4) for the primary count decides to extend below 1635.53, then it will remain valid above the wave (1) high of 1597.  A breach below 1597 makes the alternate (blue) count the primary count.

The alternate (blue) count is that wave (2) of minor A of major [4]-P3-C1 is playing out as a flat and below the 38% retrace point of 1655.   The next move should be a wave (3) of minor A down to a target of 1591, where (3)=1.62*(1).  I’m looking for minor A to reach the 1576 to 1591 area before a minor B bounce of a 50% retrace.   Ultimately major [4] should reach the 38% retrace target of 1527.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 5-24-13

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 5-24-13

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 5-24-13

SP-500 daily (EOD):

PUG SP-500 daily chart EOD 5-24-13

Sorry, the comment form is closed at this time.