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October 1st, 2018: SP-500 Chart Update

Posted by pugsma on October 1, 2018

6:30 pm EST:   The SP-500 price rebounded today and is still within the 4 month long bearish rising wedge (Ending Diagonal).   The move up today failed make a new high and again came on bad breadth (i.e. falling $NYMO).   When this bearish rising wedge breaks down, it’s likely going to come with some ugly falling price action.  The primary (white/red) count is still in full effect below the ED max of 2973.

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

2 Responses to “October 1st, 2018: SP-500 Chart Update”

  1. rat8nine said

    looking at the indexes, qqq is the only one to make a marginal new high today, spy and dia may have done a retest, and iwm is way off. Meanwhile, oil/ uso has reached the top of its channel, with negative cci divergence on the daily. It’s an interesting context for what we’re watching for on spx.

  2. rat8nine said

    yesterday, qqq was the only index to make a marginal new high, today it was dia, the index that lagged earlier in the year, while qqq did a retrace back up to 187.18, where 187.43 – 185.32 = .886 at 187.19. Dia ran up to a 1.128 external retrace. 1.128 is the inverse of .886. The market has a sense of humor, after all.

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