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: http://www.freestockcharts.com?emailChartID=9ce19b67-bc69-47bb-bb3e-5e9e7d8b8a25
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
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