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May 23rd, 2018: SP-500 Chart Update

Posted by pugsma on May 23, 2018

4:30 pm EST:   SP-500 price on the 15-min chart continues to look like a bullish ascending triangle with price target at 2782, possible minor 1 of major [5]-P5-C1 price target per the primary (green) wave count).

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


18 Responses to “May 23rd, 2018: SP-500 Chart Update”

  1. droc14 said


    Curious if you view yesterday and today’s action as a completed a-b-c of (c) in the triangle and presumably we will go up for (d) now. TIA

  2. pugsma said

    House Keeping: no need to update the SPX today as we are still in the 2792 to 2742 ascending triangle

  3. pugsma said

  4. pugsma said

    I was looking at the past 25+ years on the SPX weekly chart with key indicators (RSI, MCAD and Full STO).

    Every time the weekly Full STO dropped to the oversold 20 Level, as it did in March 2018, the Full STO has risen above overbought 80 (most times to 85-90) before any new SPX down move began.

    SPX weekly STO is only at 67 today. This past SPX stat almost guarantees the SPX will continue to rise above 2742 in the coming weeks and likely well above 2742.

  5. Is the NYAD telling you anything?

    • pugsma said

      Already commented last week how bullish the NYSE A-D is after it broke out to a decisive new high along with IWM new high.

    • Lars Johansen said

      This time I dont agree with Pug. Maybee I am Wrong. Dax and Eurostox retraced 0.5% off the decline today and both rejected hard. Looking lower next week. Nyad prints lower high against s&p’ new high 2742. QT next week. Every time that has happened this year stocks have fallen. Hope you get my answer.

  6. Does todays slide look like a typical e wave action?

  7. pugsma said

    The most bullish Elliott Wave Pattern is wave 2 flat..

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