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May 2nd, 2018: SP-500 Chart Update

Posted by pugsma on May 2, 2018

4:35 pm EST:  The SP-500 closed down -19 points at 2635 and is now just 20 points above the 200-day SMA at 2615.   This sets up a dangerous technical situation, as the 200-day SMA has already been tested 3 times with each successive bounce weaker than the one previous.  Also, the SP-500 price is below all three key short-term moving averages (13-day EMA, 34-day EMS and 50-day SMA) and those moving averages are aligned pointing downward.   Finally the $NYMO has failed close above the zero line and is setting in the -20 to zero “crash zone” after dropping below it recently.  That said, all 3-wave count are still on the table here between 2613 and 2717.   A break of this range will be the key to separate the counts.

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

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