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July 15th, 2019: SP-500 Chart Update

Posted by pugsma on July 15, 2019

4:40 pm EST:  Nothing new to report.  The SP-500 continues wedging slowly higher (3018 peak today) each day.   Until 3046 is breached, the alternate (blue) wave count must be respected.

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

15 Responses to “July 15th, 2019: SP-500 Chart Update”

  1. rat8nine said

    On Monday morning, spy, qqq, and dia all made new all time highs, iwm did not. Late yesterday, qqq was the one index to make another new all time high. This morning dia was the one index to make a new all time high.

  2. pugsma said

    OT: Are the US Markets priced for: 1) no or only one 0.25 point Fed rate cut this year and 2) tariffs on an additional $350B in China imports.

  3. pugsma said

    The near-term Ending Diagonal termination into the upper boundary of a nearly 2 year long broadening top pattern is a Technical Analysis patten dream scenario.

    Let’s see if the Elliott Wave based 3046 limit can be held below for the alternative (blue).

  4. chrys50 said

    Steve – your charts don’t show it; but, is this morning’s low wave minuette 2 in an EDT?

  5. chrys50 said

    But minute wave c should be either impulsive or corrective (EDT), right? I’m leaning toward EDT since we have a lot of overlapping wave since the end of May.

  6. pugsma said

    Always keep in mind (especially here at or near the end of Cycle Wave 1 of Super Cycle V), that the SP-500 price today reflects the prediction for 6 to 12 months ahead.

    The market has already priced in 3 US Fed rate cuts (July, Nov-Dec and early 2020).

    The market has already priced in some type of China trade deal in later 2019 or early 2020.

    The market has already priced in no recession in 2019/2020.

    Even IF it gets those things it’s unlikely to go much higher.

    IF it’s denied any of those things, it will get ugly.

    IF it’s denied all of those things, it will get really ugly.

    • rat8nine said

      These are really good points. All of them give cover for a significant move down, but as we know, the ta leads the news.

  7. rat8nine said

    The intraday drop then move up was interesting in the retracements were as follows:

    spy to .50
    dia to .786
    qqq to .618

  8. rat8nine said

    spx retracements

    from 2007 high – 2009 low:

    1576.09 – 666.79 = 2.618 at 3047.34

    from september 2018 high to december 2018 low:

    2940.91 – 2346.58 = 1.128 at 3016.98

    april high to may low:

    2954.13 – 2728.81 = 1.27 at 3014.97

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