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March 22nd, 2019: SP-500 Chart Update

Posted by pugsma on March 22, 2019

4:25 pm EST:  Minor 2 of major [3]-P5-C1 is playing out an expanded flat to the 38%/50%/62% Fib retracement of 2803/2787/2779.

Have a great weekend !

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

SP-500 weekly chart:

SP500 Technical Analysis

16 Responses to “March 22nd, 2019: SP-500 Chart Update”

  1. gsm said

    Hi Steve, for the last week or so I have been wondering about the following possible count from the late December bottom at 2347:

    2521=Minor 1 of major [1]-P5-C1
    2444=Minor 2 of major [1]-P5-C1
    2817=Minor 3 of major [1]-P5-C1
    2722=Minor 4 of major [1]-P5-C1
    and now it seems 2860 could be the end of Minor 5 for this count.
    I know this count could be much more bullish long term. But it could portend a much larger pullback near term (maybe even with the drop that started end of last week). I think in you briefly mentioned some possibility like this count in one of your posts a little more than a week ago.
    What do you think is the likelihood of this count, and why? Why are you seeing other counts more probable? I think I might be missing something. Thanks Steve.

    • pugsma said

      Hi Gsm:

      Right now the highest probability is continue strength above the rising 50-day SMA (2738), 34-day EMA (2773) and 13-day EMA (2809).

      This means a minor 2 of major [3] wave that holds above the major [2] low of 2722. This is major [1]-[2], minor 1-2 is a bullish set-up for a minor 3 of major [3]-P5-C1 wave to new all-time highs next.

      Should the SP-500 break below the rising 50-day SMA of 2738 and below the 2722 low, then we will have the wave count you list above for a major [2]-P5-C1 wave Fibonacci retracement to 38%/50% at 2665/2604.

      • gsm said

        I see. That helps. Thanks Steve.
        BTW… nice to see the Big 10 doing better in the tourney this year. I could see Purdue going a long way.

  2. pugsma said

    OT: So who has Purdue beating UT? 😎

  3. pugsma said

    Very interesting data about the current situation, where the SP-500 just closed above its upper BB at 2860 for the first time since the 2347 low.

    2785 hit today was at -2.6% draw down.

  4. lauter1 said

    The move down from 2860 to 2785 appears to be a nice ending diagonal of the expanded flat.

  5. chrys50 said

    Steve – where are we with the ‘VIX Sell / SPX Buy’ trigger?

  6. pugsma said

    Small cap IWM has a nice bullish IHS Pattern on the 15-min Chart.

    • gsm said

      I’ve been watching IWM lately wondering if it is leading many of the other markets. Steve, do you have any thoughts on this? Thanks.

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