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.

March 21st, 2018: SP-500 Chart Update

Posted by pugsma on March 21, 2018

5:15 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 (2695) 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.

House Keeping:  Beginning tomorrow morning, I will be out of town in Boston for viewing my Purdue Boilermakers in the NCAA Tournament Sweet 16 .   The next blog post will be on Monday, March 26th.

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=3f810f31-77ce-49f7-87cd-07403cae6693

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

Sorry, the comment form is closed at this time.

%d bloggers like this: