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May 15th, 2019: SP-500 Chart Update

Posted by pugsma on May 15, 2019

4:40 pm EST: As expected by both wave counts, the SP500 price dropped at open to 2815 then move up to 2859.  See the wave count details on the 15-min chart.  The key level to watch to separate the primary (green) from alternate (blue) count is at the 2872 pivot, which is the 50% Fib (2878) and daily ST moving averages.  Above 2878, it’s likely the major [2] low is in place at 2801.  A break below 2801 before above 2878 and the major [2] should target the 2723 level.

I’m watching for 2 Confirming Indicators that the Major [2] low is in place at 2801:

1) $NYMO close above the zero line (closed today near -15 off a -65 low at SP 2801).
2) NYSE A-D Line new high (closed today a little more than half-back to a new high)

Typically $NYMO closing above zero would happen first and well ahead of the SP500 price reaching a new high.

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

 

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