Technical Analysis Blog | PUG Stock Market Analysis, LLC

PUG Stock Market Analysis is here to help with Gold technical analysis, stock analysis and more. Read our technical analysis blog to learn more today.

January 9th, 2015: SP-500 EOD Update

Posted by pugsma on January 9, 2015

5:45 pm EST:  Today’s weakness in the SP-500 price was not expected and puts the primary count in jeopardy with the broad-based selling placing the $NYMO near the critical zero line just above the zero to -20 “crash zone”.   In a new minor 3 up-trend this type of broad-based weakness ($NYMO drop below the zero line) typical does not occur in the first few days since the proposed minor 2 low.  The $NYMO will need to monitored closely during Monday trading and a close below the zero line would set the SP-500 price up for the potential of a significant drop (i.e. see the alternate (blue) count).$NYAD&p=D&b=7&g=0&id=p88512801943&a=269536931&r=1410958141020&cmd=print

The primary count is that minute (1) of minor 3 of major [3]-P5-C1 completed at 2064.   Wave (2) of minor 3 got underway today, with the first move down from 2064 to 2038 as wave a-(2), the bounce to 2053 as b-(2) and now a wave c-(2) should be on tap for early Monday with a c=a target of 2027 which is the 50% retrace point.  Once wave (2) of minor 3 is complete wave (3) of minor 3 should reach 2154, where (3)=1.62*(1).   Minor 3 should reach 2188, where minor 3 = 1.62*minor 1 and major [3] should reach at least the [3]=[1] target of 2232.  Ultimately I’m expecting P5 to reach at least the P5 = 0.62*P1 target of 2254 my mid-year and higher targets like P5=P1 at 2524 are possible.  The primary count remains valid above 1992.44 and break above 2064.43 will confirm the primary wave count.

The alternate (blue) count is minor 2 of  major [C]-P4-C1 completed 2064 today.  Wave minor 3 looks to be just getting underway with a target much lower at 1797, where minor 3 = 2.62*minor 1.   Thus this alternate (blue) count indicates the potential that the SP-500 is set-up for severe corrective wave lower (-13% drop from today’s close).  The $NYMO weakness today indicates that this alternate (blue) should be given serious consideration now and the $NYMO must be monitored closely early next week.   For the entire P4 expanded flat, the typical major [C]=1.62*[A] target is at 1772.  A break above 2064.43 would invalidate this alternate (blue) count.

Have a good weekend !

SP-500 15-min chart (EOD):

PUG SP-500 15-min chart EOD 1-9-15

SP-500 60-min chart (EOD):

PUG SP-500 60-min chart EOD 1-9-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 1-9-15

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 1-9-15

Sorry, the comment form is closed at this time.

%d bloggers like this: