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December 19th, 2018: SP-500 Chart Update

Posted by pugsma on December 19, 2018

5:05 pm EST:   The red wave count is now in the heart of a wave minute (3) of minor 3 of major [3]-PA-C2.   The drop move up to 2885 today completed wave (2) of minor 3.  The wave (3)=1.62(1) target is 2333.   The minor 3 = 1.62*minor 1 target is 2333.  The major [3]=1.62[1] target is 2254.

The blue wave count is completing minor C of major [4]-P5-C1 right at the C=A target of 2478.

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=c3653ca6-0285-4d7a-91c4-3e84bf336e52

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

21 Responses to “December 19th, 2018: SP-500 Chart Update”

  1. pugsma said

    VIX Sell, SPX Buy triggered step 1 at the close. Red VIX tomorrow for final confirming step 2.

    NYMO and SPX both closed below their respective BB, resetting their SPX Buy triggers.

    http://stockcharts.com/h-sc/ui?s=%24NYAD&p=D&yr=0&mn=6&dy=0&id=p32152966307&a=269536931&r=1450045167343&cmd=print

  2. rat8nine said

    Steve, once again, I want to thank you for your excellent work. Clear, focused, you don’t get caught up in the noise that accompanies the moves. It is an honor to be trading these moves with your guidance.

  3. pugsma said

    Blue Count: Couple options For C=A, depending if you use 2815 vs 2800 (as labeled) for minor B.

    Basis Minor B at 2815: C=A = 2478

    Basis Minir B at 2800: C=A = 2463

  4. rat8nine said

    spy 15 – price at trend line….yesterday’s low was 1.618 external rt of the prior low; today’s lower low is at 1.128 external rt of yesterday’s low for a potential reversal setup

  5. pugsma said

    Note: Breaking above 2585, would invalidate the red count and confirm the blue count.

    • pugsma said

      Note: Even though blue count is valid down to 2194 major [1] high, realistically the 2453 to 2491 pivot area (summer 2017 SP500 highs) and C=A target area for major [4] needs to hold for the blue count to be valid.

    • pugsma said

      So we can watch the 2453 to 2585 range to see which count wins out.

      • rat8nine said

        Thank you Steve…..we should also note that this is opex week, and that Thursday and Friday of opex week often have sharp moves. From what I have watched, if there is to be a reversal, it would have to get started very soon. I wish Denali were still sharing his research on opex week turns. I seem to remember that he singled out opex weeks with fomc in them at times.

      • intraday or close price on that range?

  6. pugsma said

    Just looking at a couple other things:

    The 2815 to 2604 trading range break-down measured moved target is 2393.

    Also, an expanded flat off the January high of 2872 has a target at 2392, where C=1.62*A.

    So it looks like a move to 2401 pivot is likely.

  7. sorry missed your comment just as u posted….

  8. rat8nine said

    qqq 60 – turned right at 150.39, where 160.09 -175.58 = 1.618 at 150.52

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