Technical Analysis Blog | PUG Stock Market Analysis, LLC

PUG Stock Market Analysis is here to help with SP500 technical analysis, stock analysis and more. Read our technical analysis blog to learn more.

May 17th, 2019: SP-500 Chart Update

Posted by pugsma on May 17, 2019

1:30 pm EST:  The 2852 level separates the two wave counts.  Below 2852 before above 2892 is the primary (green) wave count to a new major [2] low below 2801 with a target at the 38% Fib of 2723.    Above 2992 without breaking 2852, is the alternate (blue) wave count that the major [2] low is in place at 2801 and the major [3] wave up to new highs above 2954 is currently underway.

Note:  This morning the SP-500 dropped to 2854 without breaking the critical 2852 level.   However, the small caps (IWM) continue to lag and broke below the SP500 2852 equivalent level.  Typically the small caps will lead and impulsive rally higher (i.e. for example a major [3] wave kick-off per the alternate blue wave count).  The fact that small caps are lagging in this move up from 2801 is more indicative of a minor B wave rally per the primary (green) wave count.  Things change rapidly, so the small caps (IWM) bares watching…

Details and targets for each wave count are shown on the charts below.

Have a great weekend !

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


10 Responses to “May 17th, 2019: SP-500 Chart Update”

  1. Rodney Mruk said

    Even though the SPX is basically break even at this point in the day, $NYMO is below -20. I know only the close counts. But it is showing the market does not have good breadth today, which is also indicative of a ‘B’ wave. At the moment, 3:09 ET) the market is dropping like a rock. Indicative of the decline to come to 2723.

  2. pugsma said

    SP500 Monthly Chart:
    13-month EMA at 2769
    20-month SMA at 2744

  3. orioncolorado said

    FWIW: Just poking around and found this site. Lays out the YTD Performance of the S&P pretty well for benchmarking purpose. Thought maybe someone else would find it useful, too.

    Have a great weekend.

  4. pugsma said

    Watching IWM 151.25 as it was the low last Monday.

    Small Caps tend to lead…

  5. lauter1 said

    Could B of [2] be a triangle ? Thanks.

  6. I was wondering if you had time to update TLT…..

  7. rat8nine said

    15 minute spy, iwm, qqq as of now:

    price did not hit the blue median line, setting up a likely trip back to the lower line:

Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: