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.

July 21st, 2014: SP-500 EOD Update

Posted by pugsma on July 21, 2014

4:30 pm EST:   The SP-500 showed a little weakness today trading down to 1966 as expected.  The primary count has wave (2) of minor 5 of major [5]-P3-C1 completed at 1966 at the 62% retrace or possibly will need one more stab lower to the 78% retrace of 1961.   Once wave (2) completes, the wave (3) target is above SPX 2000, where (3)=1.62*(1).    Wave minor 5 of major [5]-P3-C1 completion targets range from 2035, where minor 5=0.5*minor 1 to 2085, where major [5]=[1].  The primary count remains valid for wave (2) wave above 1956.

The alternate (blue) count is that minor 4 is playing out as a flat down to the 23%/38% fib retrace targets of 1946/1921.  Once minor 4 completes, minor 5 will make a new high above 1986 as per the primary wave count above.  The alternate (blue) count remains valid above the minor 1 high of 1897.

A move below 1897 before above 1986, would indicate that P3-C1 topped at 1986 and P4-C1 is headed towards the lower 1800’s to upper 1700’s.

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 7-21-14

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 7-21-14

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 7-21-14

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 7-21-14


Sorry, the comment form is closed at this time.

%d bloggers like this: