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February 10th, 2020: SP-500 Chart Update

Posted by pugsma on February 10, 2020

5:30 pm EST:   The SP-500 opened gap down to hit 3318 and then rallied to new all-time high to close at 3352.  The alternate (blue) count won out and is now the primary (green) count.

The primary (green) wave count has the minor 4 of major [3]-P5-C1 wave complete at 3215, which is between the 23%/38% Fib at 3229/3156.  The minor 5 of major [3]-P5-C1 wave up is underway since 3215 and has made a new all-time high above 3338.   For minor 5, minute (1) hit 3368, minute (2) dropped to 3244 and minute (3) wave ended at 3348.  Minute (4) wave completed today at 3318 and thus the minute (5)=(1) wave target is at 3371.   The initial target for the completion of minor 5 of major [3] is at 3400, where minor 5 = 0.62*minor 1.  Once the major [3] wave completes between 3371 and 3400, there will be a significant major [4] wave pull-back to the 23$/38% Fib at 3246/3145.   Finally major [5]-P5-C1 should reach levels above 3400 to between 3500-3700.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

21 Responses to “February 10th, 2020: SP-500 Chart Update”

  1. rat8nine said

    spx 15 – they sure didn’t waste time ending wave (4) this morning!

    • pugsma said

      Nice! I liked your 60-min chart from a day ago. It showed that the SP-500 is not likely to move much past my 3371 wave (5)=(1) target.

      • rat8nine said

        Thank you Steve. Here is spx 60 as of the close yesterday, and I will update it after the open. Aside from the area targeted by the wave counts, spx has external retracements that line up as well:

        3337.77 – 3214.68 = 1.27 at 3371.00
        3347.96 – 3317.77 = 1.618 at 3366.62

  2. Traucote said

    I found this chart interesting. Rhymes with the current count as mega-caps continue to outperform smaller firms. Note the divergence in the 2 indexes.

  3. pugsma said

    OT: Only the election of a socialist democrat President can stop this market.

  4. rat8nine said

    spx daily has reached the upper line of the median line set in play from the end of December 2018

  5. pugsma said

    Rat8nine and the retired KaZoom are two people who have been here at PUG Stock Market Analysis from the beginning a decade ago. They have been very generous to share their unique technical analysis skills here with all. Thanks guys!

  6. rat8nine said

    googl – we’re seeing a number of charts that have a similar look:

  7. R Swaim said

    It doesn’t matter who gets elected because debt has become unsustainable. The markets are just kicking a can down the road borrowing to buy equities in the fear of missing out (FOMO) and using the ability to print as much cash as the Governments can justify.

    Downturns in margin debt precede downturns in equities by a year or two and margin debt has already done so for this cycle.

    Back to Biblical times, wiping out this much debt only has one ending like it has recently in Venezuela where inflation has hit 10,000%.

  8. The question here is are we in minute 4 or has Major iii completed ?????

  9. rat8nine said

    spx 5 – it’s fascinating to me how the ew counts and the median lines all seem to get satisfied together:

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