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 29th, 2019: SP-500 Chart Update

Posted by pugsma on July 29, 2019

3:30 pm EST:   After reaching an all-time high at 3028 on Friday, today the SP500 had a weak open followed by early drop to 3014.

The primary (white/green) count wave minute (3) of minor 3 of major [3]-P5-C1 is underway with a wave (3)=1.62(1) target at 3143.  It looks like wave minute (3) got off to a wave i-ii start at 3006, 2976 respectively.  As long as the wave ii-(3) low at 2976 holds, wave iii-(3) is underway with an initial target at 3062, where i=2.62*i.  A break below 2976 would signal that wave minute needs to reach the 50%/62% retrace targets of 2966/2954.   The minor 3=1.23*minor 1 target is at 3203, the major [3] target is near 3200 and P5 target is near 3300.

The alternate (blue) count has been modified to show a standard major [5] impulse from the major [4] low at 2729 and not an ending diagonal major [5].   Wave minor 3 ended at 3018 and minor 4 ended at 2973.  Now the final minor 5 wave is headed for a target at 3026 to 3038, where minor 5 = 0.50*minor or 0.62*minor 3.  Minor 5 can not exceed the 105 points of minor 3 and thus the top end of this alternate (blue) wave count is at 3078 (invalid above 3078).  Recall the long term-term Primary 5 (P5) wave target has been P5=P1 at 3051.   Note that the new 3028 high on Friday qualifies as a complete minor 5 wave (above 3020) for the end of major [5]-P5-C1.  

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

7 Responses to “July 29th, 2019: SP-500 Chart Update”

  1. pugsma said

    So IMHO the SP500 price is like an binary options trade heading in to Wednesday’s Fed Meeting:

    0.50 point rate cut => SP500 up 60 to 80 points. (Primary)

    0.25 point rate cut => SP500 up 20 to 40 points (Primary)

    No rate cut => SP500 down 60 to 80 points (Alternate)

  2. MS53 said

    Steve, what are the significant breakdown price levels to begin and then confirm alt count ?

  3. MS53 said

    I am watching the weekly MACD 12/26 histogram for a top marker. Has only signalled twice in 10 months, first at the P3 top 2941 and next at the Major 1 P5 top at 2954.

  4. pugsma said

    ALL: I just posted a pre-earnings stock chart for AMD with my technical analysis thoughts. Please review and comment below the AMD post if you think this type of chart is useful to you or not. Thanks.

  5. pugsma said

    No need for me to update the SP500 chart for Tuesday July 30th, as today’s 3000 to 3017 range changed nothing.

  6. droc14 said

    another new high. Bodes well for Primary

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

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: