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May 9th, 2019: SP-500 Chart Update

Posted by pugsma on May 9, 2019

3:00 pm EST:   In times of high volatility it’s a good ideal to pull-back to the daily and weekly charts and look at the classic technical analysis levels to watch.  On the daily chart the key level to watch is the 50-day SMA at 2860 and on the weekly chart the key level to watch is the 13-day EMA at 2848.    So far today the SP-500 sold off and hit 2836 before rebounding to 2875.  Thus, the SP-500 is a pivotal level here into the close today.   These key daily (2860) and weekly (2848) moving averages are important on a closing basis; that is to say on a daily and weekly closing respectively.

From an Elliott Wave (E-Wave) technical analysis perspective, the primary (green) wave count for a major [4]-P5-C1 wave remains valid above the major [1] high at 2817.   That 2817 level is an intra-day level E-Wave to watch and so far has held today with the intra-day low at 2836.   It’s been my policy here for nearly 10 years to not change the primary wave count until is goes invalid.   Looking at the 15-min chart, there is a valid minor A-B-C wave for major [4] that can be assigned based on the E-Wave rules, where C=2.0*A.

The alternate (red) wave count with a P5-C1 top at 2954 and a C2 wave move down to new lows below 2347, becomes the primary wave count on an intra-day, cash market break below 2817.

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

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