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May 7th, 2018: SP-500 Chart Update

Posted by pugsma on May 7, 2018

3:40 pm EST:  The SP-500 gapped up and moved up to 2683 today tagging the 50-day SMA resistance (2680).

A break above 2683 should produce a rally to the 2709 to 2717 area per the primary (green) count.   A failure at 2683 and drop below 2637 would favor the bearish alternate (blue) wave count.  Details shown on the charts below.

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

17 Responses to “May 7th, 2018: SP-500 Chart Update”

  1. pugsma said

    Note: There is a potential inverse head and shoulders (IHS) on the 15-min chart with head at 2595, neckline at 2683 and target of 2771.

    I have the minor 1 target conservatively at 2709. But as I’ve said the minor 1 wave a new major [5] impulse will typical extend well beyond initial expectations.

  2. pugsma said

    House Keeping: No change on the flat close and thus No SPX tonight.

    SPX price at 2672 is now setup to “jump the creek” on the 50-Day SMA at 2677.

  3. rat8nine said

    spx 60 – if E was at the low last week, where price got picked up a little early in terms of fib and median lines, then it should accelerate, and it’s easy to see how it could be in the 2834 – 2840 area by early June

  4. pugsma said

    Yesterday the IWM small cap index broke above its April 18th high (SPX 2717 equivalent) and showing a contracting triangle breakout. Small Caps should lead higher in a new impulse major [5] wave, which is happening.

    Also the NYSE A-D line could close at a new All-time high as early as today’s close, which would be another impulse major [5] wave conformation.$NYAD

    • pugsma said

      The Nasdaq is within a whisker of breaking its April 18th high (SPX 2717 Equivalent).

      The Generals of the SPX and especially the DJIA are lagging and should play catch-up to the leading Troops of the Russel-2000 and Nasdaq.

  5. pugsma said

    Bullish Breakouts across all equity markets…

  6. pugsma said

    Major [4] triangle target for major [5] is SPX 3041 a 13% move from yesterday’s close.

  7. pugsma said

    OT: since my original trading plan at the 2595 pivot only allowed for a 1/3 entry long, I had to wait for the $NYMO to close above +20 on Monday to add to 2/3 long. Then added final 3/3 long today on open break above 50-day SMA of 2677.

  8. Patrick Flanagan said

    blue is dead?

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