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August 14th, 2019: SP-500 Chart Update

Posted by pugsma on August 14, 2019

4:20 pm EST:  The SP-500 price gapped down at the open to 2895, fell all day and closed at the low of 2840 (a new close low for this move down from 3028)..

The 2941 pivot is a key resistance area were the 13-day EMA, 34-day EMA, and 50-day SMA cluster resides.

The primary (white/green) wave count is off to a minute (1)-(2) of minor 3 of major [3]-P5-C1.  The drop to 2840 today for minute (2) of minor 3 is just above the 88% Fib retracement at 2836.  However, if the minor 2 low of 2822 breaks, then minor 2 is still on going and the next target for minor is the 78% Fib at 2795, which is the 200-day SMA (2796) support.  Note that for the primary count to remain valid, minor 2 must hold above the major [2] low at 2729.  Finally, it should be noted that the McClellan Oscillator (NYMO) put in a “potential” positive divergence wrt to new closing SP-500 price low today (i.e. last Monday 2845 vs -78 and today 2840 vs -58).  This NYMO positive divergence wrt SP500 price is often a key indicator at an important SP500 price bottom.

The alternate (blue) wave count that major [2] of PA-C2 ended at 2943, which is a typical 62% (2950) Fibonacci retracement for a wave [2].   The SP-500 price is now in a large major [3] wave lower that will target the 2491 pivot, where [3]=2.0[1].   A break below 2729 would confirm the alternate (blue) is underway.

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

 

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