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May 28th, 2019: SP-500 Chart Update

Posted by pugsma on May 28, 2019

5:20 pm EST:    The SP500 price again tested the 2801 May 13th low late today.   The new closing low today at 2802 vs 2812 on May 13th, sets up a potential positive divergence on the NYMO that often is a very powerful indicator for SP500 price rebounding higher .  The VIX is also significantly lower at today’s close vs May 13th, which is a potential negative divergence with SP-500 price.  Again another potential positive indicator for future SP500 price, as the VIX and SP500 price are inversely corelated.

For the primary (green) count the May 13, 2801.43 low has still not been breached on an intra-day basis (hit 2801.58 today).   Thus, the minor 2 of major [3]-P5-C1 remains valid.  However, on a break below 2801.43 intra-day, it’s possible the major [2] low will hold the 200-day SMA near 2776.

For the alternate (blue) count the minute (3) of minor C of major [2]-P5-C1 wave is headed for 2770, where (3)=1.62(1).  Ultimately the C=A wave target is at 2739 and the 38% Fib retrace target is at 2723.

SPX vs VIX vs NYMO Chart:

SP500 Technical Analysis

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

 

3 Responses to “May 28th, 2019: SP-500 Chart Update”

  1. kazoom1618 said

    Coffee perked up out of wedge:

    https://stockcharts.com/h-sc/ui?s=JJOFF&p=W&yr=2&mn=9&dy=0&id=p26068899336&a=471502893&r=1559145716436&cmd=print

  2. lokuly said

    does today’s price action blow up the primary or does it just adjust to to the next fib target??

    • pugsma said

      The close matters. If the potential positive divergence remains on the NYMO vs SP500 price then the major [2] low could be in place or very near.

      If the NYMO makes a new low, then the major [2] low can go much lower.

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