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October 1st, 2019: SP-500 Chart Update

Posted by pugsma on October 1, 2019

2:55 pm EST:   It’s time…

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

24 Responses to “October 1st, 2019: SP-500 Chart Update”

  1. pugsma said

    That was just a classic, text book bull trap set at the gap up open today.

    • bobndusty said

      Agreed. It initially looked like an upward start but didn’t have the momentum or other indicators and turned into an overshoot. That’s why I try to not just jump in. As you relate, overshoots like that are very bearish bull traps.

  2. pugsma said

    Yesterday’s close saw the trifecta “SPX Buy” signal triggered with the SPX and NYMO closing below their BB and the VIX closing above its BB.

    If we can get a 2nd day close in this condition today and an intra-dat SPX price trade near the head and shoulders top target of 2884 (minor 1), then we could see a short-term SPX rally for the minor 2 wave.

    http://stockcharts.com/h-sc/ui?s=%24NYAD&p=D&yr=0&mn=6&dy=0&id=p32152966307&a=269536931&r=1450045167343&cmd=print

  3. pugsma said

    So the two “expert” market analysts that CNBC just had on said “I have no idea where the market is going short-term but I’m long-term bullish”.

    Are you kidding me? Anyone on the planet could say that. Most have no clue what’s going on short-term in the market (except for TA sites like PUG SMA). And Who isn’t long-term bullish.

    No wonder there are subscribers to TA sites.

    • rat8nine said

      Holy cats. They are clueless, and yet they have an audience of people who parrot the words “you can’t beat the market”.

  4. Hi Steve,

    Thank you for your detail oriented analysis this past year or so. I have to admit that without your analyses in the past couple of weeks, I would not have been able to switch to a bearish mindset. My analyses usually focus on exhaustion signals and sentiment, and I had myself pretty convinced that more upside was coming.

    Michael

  5. pugsma said

    We are getting close to the short-term H&S target at 2884.

  6. pugsma said

    Hopefully most made some coin on this call for a drop to 2884.

  7. pugsma said

    Trump says “Impeachment Nonsense driving stock market lower”

    We got get this man a subscription to PUG SMA…

  8. pugsma said

    Also can we now stop trying to use the NYSE A-D line for short-term clues on the market.

    Over the past week several here and on Twitter were pointing to the strong A-D line accumulation data as an indicator the SP500 is about to bust a move to new highs.

    A-D line data should be used over weeks to months look for divergence with the SP500 price, as a possible indicator for a market top or bottom.

  9. Rodney Mruk said

    I am willing to say, “I stand corrected.” Thanks for all your analysis and commentary. It is much appreciated.

  10. bobndusty said

    Now that we are at 2779 exceeding the target of 2884, what is your tolerance band on 2884 and the next downside target? The previous 4 of 2826?

  11. rat8nine said

    jpm – there are a lot of charts that look something like this:

    • rat8nine said

      double and triple external retracements at a slowly rising trend line, with negative divergence in the indicators….

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