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April 29th, 2019: SP-500 Chart Update

Posted by pugsma on April 29, 2019

1:15 pm EST:    The SP-500 price action continues to grind higher following the wave count script (see 15-min chart for near-term targets).

House Keeping:   I’ll soon be boarding a plane for Boston.  I will be out east until Thursday, May 2nd, helping my oldest daughter’s family move into a new home.   The next blog update (and the first blog update for May will be on Thursday, May 2nd.   A will not send out the May password until Thursday just before the blog post.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis


24 Responses to “April 29th, 2019: SP-500 Chart Update”

  1. pugsma said

    Since the SP500 price is below 2933, the 2949 price has to i-(3) and this drop ii-(3). 62% Fib is 2924.

  2. pugsma said

    Also on a break below 2913, then 2949 ended minor 3 of major [3] as was shown about a week ago and this is a minor 4 wave to a 23/38% Fib of 2911/2887.

  3. rat8nine said

    spy 5 without counts – Steve, feel free to delete the prior chart…I see where I got lost

  4. pugsma said

    So it looks like the drop from 2949 to 2924 was indeed wave ii-(3) of Minor 3 of major [3]-P5-C1. It was an ideal 62% Fib for a wave ii.

    Next up is Wave iii = 1.62*i at 2982.

    The minute (3) target remains the same at (3)=1.63(1) = 2996.

    • rat8nine said

      Have to say I’m really enjoying watching spx play out with your wave count. I also find myself looking at a lot of stocks and wondering which ones will lead as it goes into Major [5], and which will turn first.

    • Thank you for the guidance…..I’m close but still do not see the waves as you see them. Spot on as always! Hope the move went well and your back held up! Cheers!

      • pugsma said

        Funny you mention my back. It’s definitely sore today, but we are almost done with the heavy lifting. Just helping to add some child safety latches to their new home tonight.

        I thought when my four kids were done with college, the moving was done. Nope 🤣

      • 600mg of Ibuprofen with food before bed…..and a craft beer never hurts!
        It never ends… then grand kids….always something… first heading of to Duquesne University in the fall… back will be sore on move in day….she is in the honors dorms so a little less stress as they have their own special times…Hell getting old. Thanks PUG!

  5. rat8nine said

    was that wave iv just now?

  6. pugsma said

    That was a horrible final two hours and close today. Might have this scenario that I posted yesterday …

    Also on a break below 2913, then 2954 ended minor 3 of major [3] as was shown about a week ago and this is a minor 4 wave pull-back to a 23/38% Fib of 2915/2890.

    • rat8nine said

      If that is the case, then it would appear that the waves are in a way contracting, and not playing out to their typical target areas. Might that support a case overall for an ending diagonal? I have my eye on things like fcx, and the financials, which both turned down well in advance of spx last year. I’ve been wondering quite a bit about which stocks will make new highs with the indexes, and which will simply retest their prior highs.

    • rat8nine said

      spx 60 – if I have this correct, it would look something like this:

  7. kazoom1618 said

    VIX sell trigger step #1

    • pugsma said

      I’ve mentioned this here before, but attempting to use the SPX vs VIX vs NYMO chart, SPX buy triggers near a high (like now) is typically a useless signal and can be dangerous to traders. The intent of that chart, which a brought to the attention of this blog some 9 years ago, is to be used in extreme oversold SPX conditions (is NYMO below -40, preferably below -60 or -80).

  8. VIX closed outside upper BB. BB’s tight……

  9. pugsma said

    I’m headed to the airport to board a flight back to Chicago. This afternoon I’ll send out the May password and update the SP-500 charts.

  10. pugsma said

    There is the break below 2913 confirming that this is at least a minor 4 of major [3]-P5-C1.

    Typical minor 4 Fib targets are between 23%/38% 2915/2890).

    • pugsma said

      Rising 34-EMA target is 2881.

    • pugsma said

      Also look for a NYMO below -40 and close below it’s lower BB.

      • Rodney Mruk said

        Thanks for the heads up and intraday updates. Your children are quite fortunate. I hope they recognize it and express their appreciation. The is nothing that pleases this dad and grandpa more than helping his family members. But it sure is nice to be thanked and appreciated. Be safe getting back to Chicago.

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