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February 26th, 2020: SP-500 Chart Update

Posted by pugsma on February 26, 2020

2:55 pm EST:   The SP500 gapped up from 3128 at the open, hit 3182 and the dropped to a new low at 3109.

Major [4]-P5-C1 wave has been underway since the major [3] 3338 high and is playing out as an expanded flat wave (3-3-5, A-B-C).    The 38% Fibonacci retracement off the major [3] high of 3338 is at 3107.  Looking at the 15-min chart we have Minor C of major [4] targets from 3120 (C=2.23A) to 3101 (C=2.38A) to 3072 (C=2.62A).  Longer-term supports are the 200-day SMA support is at 3045 and the breakout out support area on the SP-500 from the summer consolidation was at 3022.

Note: Major [4] of P5-C1 must hold above the major [1] of P5-C1 high of 2954. If it does not, then the P5-C1 top is likely in place at 3394 and the C2 wave down to below 2347 is underway. The 50% Fibonacci retracement of C1 (667 to 3394) is at 2031.

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:

SP-500 Technical Analysis

SP500 Technical Analysis

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