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.

June 26th, 2019: SP-500 Chart Update

Posted by pugsma on June 26, 2019

5:00 pm EST:   Today’s drop to 2913 is likely minute (a) of minor 2 of major [3]-P5-C1 per the primary (green) wave count.  There should be a minute (b) wave bounce up to the re-test the 2941 pivot before a (c)=1.62(a) drop to the 38%/50% Fib area of 2874/2846.  However, it is also possible that the drop to 2913 is all of minor 2.  There is potential positive divergence on the 15-min chart MACD and the 60-min chart RSI.   Also, small caps (IWM) have already retraced to a 50% Fib.

For the alternate (blue) count the drop 2913 is likely minor 4 of major [5]-P5-C1.   There should be more push above 2964 for minor 5 to complete major [5]-P5-C1.  The maximum for minor 5 is at 3002, so that the minor 3 wave is not the shortest wave of major [5].

House Keeping:   This week is the last week of Q2-2019 (Apr-June) and the Semi-Annual-2019 (Jan-June).  Check your e-mails for the Q3 (July-Sept) and SA2 (July-Dec) sign up information.

SP-500 15-min chart:

SP500 Technical Analysis

 

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

 

10 Responses to “June 26th, 2019: SP-500 Chart Update”

  1. pugsma said

    Cobra SPY Stat: SPY down 4 days in a row, 78% chance (45 of 58) of a lower low ahead (i.e. below 2913).

    • pugsma said

      The primary (white/green) is basically a head and shoulders top with head at 2964, neckline at 2911 and target of 2858.

      Right shoulder forming now as a minute (b) wave.

  2. pugsma said

    OT: So it looks like China is playing hardball on trade talks with a list of demands for a “balanced” trade. Remember I predicted over a week ago that Trump might begin to impose the tariffs on the final $300B of Chinese imports in order to: 1) pressure China into a deal and 2) pressure the US Fed into rate cuts.

    This would likely drive a deep minor 2 wave drop.

  3. pugsma said

    Wave minute (b) should be two legs up.

    Wave a-(b) was 2913 to 2928 or 15 points.

    Wave b-(b) was 2928 to 2919 or 9 points.

    Wave c-(b) target is c=a or 2919 + 15 = 2934. 50% Fib 2938.

  4. pugsma said

    Today’s SP-500 price action looks like a bear flag.

Leave a Reply

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

WordPress.com Logo

You are commenting using your WordPress.com 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: