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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

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