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June 11th, 2019: SP-500 Chart Update

Posted by pugsma on June 11, 2019

5:00 pm EST:  For the second straight day the SP-500 gapped up at the open and sold off all day.  This is typically a sign of price exhaustion, leading to a significant retracement or worse.

The primary (green) wave count is that minor 1 of major [3]-P5-C1 completed at 2911.  A minor 2 wave move down to a 50%/62% (2820/2798) Fib retracement at the 2807 pivot should be next.  The 2807 pivot area is critical support now.

The alternate (blue) wave count is that minor X of major [2]-P5-C1 completed at 2911.   A minor W or major [2] wave drop to a new low below 2729 should be next.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

8 Responses to “June 11th, 2019: SP-500 Chart Update”

  1. rat8nine said

    spy 15 and 60:

    As Steve pointed out, both Monday and Tuesday, spx/ spy gapped up and sold off….interestingly enough, the high Tuesday was at the upper line of the blue median line set on the 15 minute chart, and right in the zone (magenta lines) where:
    294.95 – 273.09 = .786 at 290.27, and .886 at 292.46

    Here is spy 60, with an eye on what a .50 – .618 retrace might look like in median line terms:

  2. pugsma said

    Today’s small 5 point SP500 price drop is in line with listed wave counts. No need to update the charts until Thursday afternoon.

  3. rat8nine said

    iwm 15: .886 rt of Tuesday’s high:

  4. pugsma said

    NYSE A-D Line looking like it may close at new ATH, confirming the primary (green) wave count.

    https://stockcharts.com/freecharts/gallery.html?$NYAD

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