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.

August 15th, 2019: SP-500 Chart Update

Posted by pugsma on August 15, 2019

4:15 pm EST:  The SP-500 price opened flat, dropped to 2826 mid-day and closed at 2847.  On the upside the 2941 pivot is a key resistance area where the 13-day EMA (2907), 34-day EMA (2932), and 50-day SMA (2943) cluster resides.  On the downside the 2807 and 2759 pivots and 200-day SMA at 2797 are key support.

The primary (white/green) wave count is off to a minute (1)-(2) of minor 3 of major [3]-P5-C1.  The drop to 2826 today for minute (2) of minor 3 is just above the 2822 limit for this wave count.  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%/88% Fib at 2795/2765, which is in the area of the 200-day SMA (2797) 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 (i.e. last Monday 2845/-78 versus yesterday 2840/-58).  This NYMO positive divergence with respect to SP500 price is often a key indicator at an important SP500 price bottom formation.

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.

Have a great weekend !!!

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-600 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: