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August 28th, 2019: SP-500 Chart Update

Posted by pugsma on August 28, 2019

11:15 pm EST:   The SP-500 price continues in a holding pattern between the 2807 and 2941 pivots.   A significant direction move of 200+ point in either direction is due (see charts below for the primary green vs alternate blue wave count details).

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

14 Responses to “August 28th, 2019: SP-500 Chart Update”

  1. rat8nine said

    This seems like a good time to repost spx with median line sets and the green and blue counts marked.

    spx 60 shows the retrace to .618 and the blue count:

    In 2007 – 2008 spx dropped down to an .886 retrace of the June 2006 low, and bounced to the blue median line area just shy of the .618 retrace of the 2007 high. Regardless of whether we see the green or blue count play out here, this gives us a sense of how the next cycle move should play out.

  2. justinfo25 said

    This sure looks/acts like a 3rd wave. Thanks Pug for your constantly great technical analysis!

  3. pugsma said

    Ask yourself “where is the biggest dislocation in the markets right now?”

    In my opinion it’s in the long US Treasury bond high price (ie low yield) . I’d expect that to correct a lot in September and help fuel an equity push higher.

    • pugsma said

      I talked about a 200+ move up (Primary) from yesterday when trading around 2853.

      P5=P1 at 3051, or 198 points above the 2853 low yesterday.

    • pugsma said

      I’m expecting the US Fed might surprise us at the September meeting and announce selling of the long bonds along with the 0.25 point short term Fed rate cut.

      This will immediately steepen the yield curve…

  4. pugsma said

    4 straight weeks of bearish weekly sentiment at nearly 2:1 to bullish sentiment is typically a sign of a key bottom for the SP500.

  5. rat8nine said

    spx 60 – green count (two variations, 1-2, (1)-(2), and wave [4] triangle….I showed the blue yesterday, here’s the green….magenta line is the double .886 rt, which might act as an inflection point intraday to keep both sides off balance…

  6. rat8nine said

    spx 60 – bigger picture view of the green count:

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