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

Leave a Reply

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

You are commenting using your 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: