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January 27th, 2020: SP-500 Chart Update

Posted by pugsma on January 27, 2020

12:30 pm EST:   The SP-500 price dropped to 3235 in morning trading.

The primary (green) wave count is looking for major [4]-P5-C1 wave lower to at least the 23% Fib at 3196.  The major [4] should play out as a minor A-B-C with the minor A wave targeting the 3258 pivot to 3212 support area.

The alternate (blue) wave count is looking for minor 4 of major [3]-P5-C1 wave lower to the 3258 pivot to 3212 support area.   The minute (a) of minor 4 wave likely completed at 3302.  The minute (b) wave moved up to the 78% Fib at 3330.   Finally, the minute (c) wave lower is underway to a (c)=2.62*(a) target at 3239.  Note the 23% Fib target for minor 4 is at 3229.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

9 Responses to “January 27th, 2020: SP-500 Chart Update”

  1. fiona1@mymts.net said

    TLT up to 219TMF (3X TLT)GLD up to 199GOLD (Barrick) up to 23.5BA down to 261

  2. pugsma said

    We are on alert for 2 consecutive days with the NYMO below its lower BB and a close below -40.

    This often times leads to an aggressive rebound.

    https://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

    For the primary (white/green) the minute (4) target is the 23%/38% Fib at 3258/3278.

    3258 was hit yesterday and it possible 3272 is play today.

  4. pugsma said

    For the alt blue 3235 should hold as the low for minor 4 of major [3].

    The minor 5 move to levels above 3338 should now be underway.

    Above the 50% Fib at 3287, this alt blue count would gain a higher probability.

  5. pugsma said

    Supporting the primary wave count for a new lower low below 3235 is this Cobra stat:

    Since the year 2008, the VIX has closed this high above its upper BB only 23 times during an SP500 pull-back. In 20 of those 23 times (87%) the SP500 made a lower low. Some of those 20 cases saw a decent rebound like today first.

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