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May 21st, 2019: SP-500 Chart Update

Posted by pugsma on May 21, 2019

2:45 pm EST:   Several key technical indicators (CPC, NYMO any NYSE A-D) pointing towards the major [2]-P5-C1 low being in place at 2801.  This is the primary (green) wave count now.

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


21 Responses to “May 21st, 2019: SP-500 Chart Update”

  1. pugsma said

    Some else to note here: May sectors (eg. Semi’s and Bio Tech) and stocks (eg AAPL, GOOGL, NVDA) corrected in a much deeper major [2] wave than did the very strong SP500.

  2. pugsma said

    SP500 price closed in a position to “jump the creek” tomorrow morning…

  3. pugsma said

    Interestingly we’ve had a -5.2% drawn down so far in May.

  4. rat8nine said

    spx 15 – fascinating action since the low, which seems to leave more than one possible outcome that would satisfy fib and median line work:

  5. MS53 said

    If 2851 is interim spx low, will you label as i i of (1) blue ?

  6. MS53 said

    My apologies, didn’t see the wave color change.

  7. rat8nine said

    spx 60

  8. pugsma said

    Today’s small price movement did not change the analysis and thus no SP500 chart update tonight.

    • gregm said

      This does not look very impulsive for a wave 3. Yesterday someone here mentioned the possibility of a triangle for B of 2. I am starting to wonder more about that. Steve, what are your thoughts on this possibility?

  9. pugsma said

    SP500 down, VIX down is typically a bullish signal…

    • pugsma said

      Also the SPX to VIX Ratio is about go to a bull cross with respect to its daily moving average.

      The last time this occurred after a VIX spike was early January, just as the SP500 rally began from 2347.

  10. rat8nine said

    spy 60 – looks like a retest at x marks the spot, in fib area

  11. pugsma said

    IWM Chart updated posted.

  12. pugsma said

    SPX Close on May 13th is 2811.87 with NYMO at -65.58.

    Any SPX close below 2811.87 with NYMO above -65.58 is potential key positive divergence on the NYMO.

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