Technical Analysis Blog | PUG Stock Market Analysis, LLC

PUG Stock Market Analysis is here to help with SP500 technical analysis, stock analysis and more. Read our technical analysis blog to learn more.

October 23rd, 2018: SP-500 Chart Update

Posted by pugsma on October 23, 2018

3:55 pm EST:   As expected per the primary (red) wave count a new low for major [1]-PA-C2 below 2711 was made today at 2691.   This could be it or one more slightly lower low above the 2658 pivot is still possible.  A break above 2755, will confirm the low is in place and significant rally is underway for the major [2] wave to at least 2816 to 2846, 50%/62% Fibonacci retracement of major [1].

The alternate (blue) count still is possible with the minor 2 of major [5]-P5-C1 low being at 2691.   A significant rally for wave minor 3 is next up, headed above 2941. This alternate (blue) count is valid above the major [4] low at 2595.

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=45da7085-93ef-4032-ab80-2fc8be2e39c4

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

 

10 Responses to “October 23rd, 2018: SP-500 Chart Update”

  1. rat8nine said

    I’m looking at a lot of charts to try to find clues as to odds of the primary count vs the alternated count. I’m seeing a number of charts that imply economic activity is either turning down, or slowing. Here are three, with Steve’s permission….fdx, hd, low daily

  2. pugsma said

    FYI Cobra stats say SPX down 5 days in a row (like yesterday), then 22 of 24 (92%) lower low ahead before big rebound.

  3. rat8nine said

    spy 15 – and there it is, with a double 1.27 retrracement and an overrun of the red trend line to boot. Time for the talking heads to call for a short just in time for major [2]?

  4. rat8nine said

    qqq 60 – it doesn’t get any prettier than this:

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

 
%d bloggers like this: