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May 30th, 2014: SP-500 EOD Update

Posted by pugsma on May 30, 2014

4:55 pm EST:  The SP-500 set a new ATH at 1924.03.  The SP-500 count wave remains unchanged.  The major [5]-P3-C1 ending diagonal will complete between here and the maximum of 1973.  The 1930 to 1941 area is an interesting near-term completion target based on the minute degree wave count, as shown on the 15-min chart.   The weekly SP-500 chart shows the upper white channel line from the March 2009 low sits at around 1930 early next week.  A hit on this upper weekly channel has caused a severe correction (75 to 100 points) in the SP-500 each time it has occurred (6 times) since the Oct 2009 low.  Also, the SP-500 price closed slightly above the weekly Bollinger Band, which will typically lead to a correction.   The VIX Buy, SPX Sell signal has been in place for several days.

Have a great weekend !

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 5-30-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 5-30-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 5-30-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 5-30-14

SP-500 weekly chart (EOD):

PUG SP-500 weekly chart EOD 5-30-14

 

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