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August 8th, 2019: SP-500 Chart Update

Posted by pugsma on August 8, 2019

6:45 pm EST:  Today the SP-500 price moved up to the 2941 pivot resistance zone as expected.   This is a key resistance area were the 13-day EMA, 34-day EMA, and 50-day SMA cluster resides.  It also was the “gap fill” area from the last Friday to Monday drop.   A break above this 2941 pivot likely means a run to new all-time highs per the primary (white/green) wave count.  A failure at this 2941 pivot and a new low below 2822 is likely.   See the wave count details on the charts below.

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

19 Responses to “August 8th, 2019: SP-500 Chart Update”

  1. MS53 said

    It just keeps getting better and better here at PUGSMA 😁

  2. Hi Steve, does the NYMO going from the low of -79 to -10 tonight, give us any clues on to what direction we are going?

  3. pugsma said

    Here’s a potentially useful near term Cobra stat for you:

    Yesterday the SPY closed at the high of the day (ie. equivalent SPX 2938).

    Since the year 2009, in 37 of 37 cases (100%) the SPY made a new high in the next day or two.

    • pugsma said

      If I look closely at the 15-min chart:

      I see a 62 point wave up from 2822 to 2884 (wave i).

      Then a 58 point wave down from 2884 to 2826 (wave ii).

      Then a 112 point, 5-wave move up from 2886 to 2938 ( wave iii).

      Next should be a 23% Fib reface of 26 points to 2912 (wave iv).

      Then wave v up to 2950, where v=0.62i or 2974, where v=i.

  4. pugsma said

    If you are playing the primary to new ATH or the alternate blue to at least one more move up to 2950, then you don’t want to see a intra-day drop below 2884.

  5. pfv75 said

    Steve, Thanks for your TA wave guidance and skillful navigation of these rough waters, very much appreciated in this crazy market!

  6. hmeda said

    Possible Cup w/Handle? Targets 2945.

  7. With break of 2884 intraday, blue momentum?

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