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May 9th, 2018: SP-500 Chart Update

Posted by pugsma on May 9, 2018

3:40 pm EST:  The SP-500 price broke above the 50-day SMA (2676) at the opening and climbed to 2701.    The short-term primary (green) wave count show on the 15-min chart from Monday, as be followed nearly perfectly, as I did not have more any labels or circles 2 days later.  The wave minor 1 of major [5] target was 2709.  The alternate (blue) count is seriously in danger of becoming invalid on a move above 2717.  The triangle upper yellow boundary was hit today.   The next few days should be decisive.

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

SP-500 daily chart:

SP500 Technical Analysis


19 Responses to “May 9th, 2018: SP-500 Chart Update”

  1. pugsma said

    Very interestingly the SPX daily chart shows the 100-day SMA rolling over at 2705. Yet another indicator how decisive the this 2701 to 2717 area break-out (primary) or break-down (alternate) should be.

  2. Lars Johansen said

    PUG . I think this is wave 2 ending with an abc. Where c=a×1.618 = 2708. IF correct the next larger target is under 2600. Maybe I am wrong.

    • I think the same as you. Today could be wave 2 ending with an abc with major wave 3 coming soon. Alternative red count could still be in place. Waiting for Steve to confirm alternative red count.

  3. rat8nine said

    spx 60 – vs the version I showed yesterday, I adjusted the anchor point of the blue set to better capture what the primary would call D and E. As Lars points out, price will run into fib and median line resistance shortly. What I wonder is whether we will see 1 for the primary, and not be able to know for sure that the primary is confirmed until such time as price moves down for 2 and catches the bear side by surprise. Uncertainty has ruled since the high in late January, which seems consistent with the potential for all three counts….so far. Sooner or later it will have to be clear. We also have opex week coming up next week, which would typically be a good backdrop for a sharp trending move.

  4. pugsma said

    OT: Locking in my longs trade profits at minor 1 target hit. Will look to buy the minor 2 dip.

  5. rat8nine said

    spx 60 and qqq 60 – interesting how all the indexes, and aapl as well, are at key areas:

  6. pugsma said

    The NYSE looks to be smashing to new all time highs (close matters).

    All bearish counts are basically busted, BTFD!

  7. steve
    hi. Blue and red are off the table, 2917 min. target primary confirmed?

  8. MS53 said

    SPX at the 2726 high was a (5)= 1.62*(1) for minor 1 of the primary.

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