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December 2nd, 2019: SP-500 Chart Update

Posted by pugsma on December 2, 2019

12:45 am EST:  The SP-500 likely topped major [3]-P5-C1 at 3154 last Wednesday.  A break below 3091 would confirm.  The major [4] pull-back should hold the 3028 pivot area, before major [5] breaks to a new all-time high above 3154 (target 3200 area).

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

6 Responses to “December 2nd, 2019: SP-500 Chart Update”

  1. pugsma said

    Looking for major [4] to take the SP-500 price down below the lower BB (3062) and toward the 50-SMA (3031).

    This should also drive the NYMO below -60 and the VIX above 20.

    Historically December is typically weak into mid-month and then a rally into early January.

  2. pugsma said

    A 5% (150 point) pullback from 3154 to 3004 is ideal here.

    • pugsma said

      Remember this major [4] wave will be a minor A-B-C structure.

      Minor A wave will likely end this morning at 3075 and then a Minor B wave 50% Fib retrace to 3115, before Minor C wave to C=A=3035.

  3. pugsma said

    Peanuts? I prefer cashews !

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