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.

July 18th, 2019: SP-500 Chart Update

Posted by pugsma on July 18, 2019

4:50 pm EST:   The SP-500 dropped to 2973 today, then rebounded to close at 2995.

The primary (white/green) count wave minute (1) of minor 3 of major [3]-P5-C1 completed at 3018 and the minute (2) wave dropped to 2973, which was the 38%/50% Fibonacci retracement area of 2978/2964.  As long as wave minute (2) wave holds above the minor 2 low at 2913, the primary wave count remains valid.  Assuming wave (2) ended today at 2973, the wave (3)=1.62(1) target is at 3143.  The minor 3=1.23*minor 1 target is at 3203, the major [3] target is near 3200 and P5 target is near 3300.  A decisive break above 3046 would confirm the primary (white/green) wave count.

The alternate (blue) count has likely topped Cycle 1 (C1) at 3018 to complete minute (c) of minor 5 of major [5]-P5-C1.   The Cycle 2 (C2) wave down to below 2347 is now in its beginning stages.  Breaking below 2913, would be a good first step in confirming the C1 top at 3018.  If the SP-500 moves back above 3018, the alternate (blue) count remains valid below the End Diagonal maximum of 3046.

Have a great weekend !!!

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

SP-500 weekly chart:

SP500 Technical Analysis

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: