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February 11th, 2020: SP-500 Chart Update

Posted by pugsma on February 11, 2020

2:30 pm EST:   The SP-500 opened gap up to hit a 3376 high.

The primary (green) wave count has the minor 5 of major [3]-P5-C1 wave up is underway since the 3215 minor 4 low and it has made a new all-time high of 3376 thus far.   For minor 5, minute (1) hit 3368, minute (2) dropped to 3244 and minute (3) wave ended at 3348.  Minute (4) wave completed at 3318 and 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 should 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

13 Responses to “February 11th, 2020: SP-500 Chart Update”

  1. Bit confused Steve. Are we looking for sub 3200 or 3400 as per the primary?

    • pugsma said

      Looks to me like the SP500 owes us at least one more wave up from the 3318 low to complete 5 waves.

      I would not declare the current move up over until 3318 is breached below.

      • rat8nine said

        Yes! I see it right here, and a key tell for me that the move is completing and about to reverse might be a gap up to 3377 in the morning accompanied by a failure on the part of qqq to make a marginal higher high. the lower red line is 3371 and the upper red line is 3377.

  2. pugsma said

    The cumulative NYSE A-D Line looks like it will close at a new all-time high wiping away the negative divergence with the SP500 new all-time. This would be bullish for an extension of the SP500 move higher to 3400.

    https://stockcharts.com/h-sc/ui?s=%24NYAD&p=D&yr=0&mn=6&dy=0&id=p79963311521&a=386872354

  3. rat8nine said

    spx 5 and 15, dia 15

    note that as of now, there is a higher high in spy at 1.128 external rt from yesterday’s high to low, and a retest in qqq…

  4. pugsma said

    With the move up above 3376 this morning to 3378, we got the required 5 minute waves up to complete minor 5 of major [3]-P5-C1.

    However this certainly doesn’t mean it IS complete. There are higher wave targets from 3400 to 3514, as listed above.

    It will take a break below 3318 to confirm the major [3] top and major [4] correction underway.

  5. pugsma said

    Feels like the Bulls will try to ring the DJIA 30,000 bell on this major [3] wave.

    Just another 500 points, 1.7%

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