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March 19th, 2018: SP-500 Chart Update

Posted by pugsma on March 19, 2018

11:05 pm EST:   The SP-500 continues to advance in the primary (green) count minor 3 of major [5]-P5-C1 wave off the minor 2 low of 2647.   The minor 3 = 1 target is at 2903 and the major [5]=[1] target is at 2917.   Within the minor 3 wave, minute (1) reached 2802 and now the minute (2) correction is complete (2744) or nearly complete at the 62%/78% Fib retrace of 2706/2681 and 2695 pivot support.   Once minute (2) completes, wave (3) will be underway headed above 2802.

The alternate (blue) count is that the move up from 2533 to 2802 is a minor B of major [4]-P5-C1 wave at the 78% Fibonacci retrace of the minor A of major [4] drop from 2872 to 2533.  The SP-500 has a potential double top at the 2789/2802 area.  A break below 2647 triggers a double top measured move to 2647 – (2802-2647) = 2492 for the completion of the minor C of major [4] wave.   Note that the C=A targets is at 2463.

The key level to watch here on the SP-500 is the swing low at 2647.  Above 2647, we have the primary count to new all-time highs above 2872.  Below 2647 the SP-500 should drop back to the 2463 area.

SP-500 15-min chart real-time link:

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis


7 Responses to “March 19th, 2018: SP-500 Chart Update”

  1. Traucote said

    Is the NYMO at -20 a bearish sign at this point? Thanks!

    • pugsma said

      I can’t tell you what a single $NYMO closing reading means.

    • Traucote said

      So.. my understanding is when NYMO is negative (let’s say -80) and the market is rallying from a bottom, you want to see NYMO clear the 0 to -20 “crash” zone to increase the odds of a continued rally.

      In this case we are going down from 2,800 when NYMO was 50+. Directionally is there any relevance on the NYMO move?


  2. pugsma said

    No need to update the SPX charts tonight, as today’s small price movement did not make a difference.

  3. It almost appears… that GLD, USO and SPX are all going to top around the same time?

  4. pugsma said

    Today the SPX closed lower with the $NYMO higher.

    This is a positive divergence on the $NYMO, after a significant drop.

    • droc14 said

      Like it! Rremind me Steve doesn’t this have to be confirmed tomorrow but another up day on nymo and spx green? I realize there could be large rally ahead of the confirmation.

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