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:
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.