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March 9th, 2020: SP-500 Chart Update

Posted by pugsma on March 9, 2020

2:35 pm EST:   The SP-500 gapped down at the open and hit 2752 after a 15 minute trading halt due to a -7% circuit breaker trip.  The SP500 has since trade up to has high as 2840 and dipped to 2740.

The bullish primary (green) wave count is that major [C]-P2-C3 has continued lower that the major [A} low of 2856 since the 3137 major [B] bounce.   The typical 62% Fib for a wave 2 is at 2745 and the SP500 price hit 2740 this afternoon.   There is also a major [C]=0.78[A] target at 2717, so this P2 wave lower from 3394 maybe ending soon.   If the SP500 price does decide it needs more correction, there is also a 78% Fib target at 2577, which agrees with a major [C]=[A] target at 2599.  The 50-month SMA support is also at 2600 and the 200-week SMA support at 2640.  This 2600/2640 area is also the lower channel line for the 10+ year bull market (see weekly and monthly charts).  The primary (green) wave count remains valid for the P2 wave above the 2347 C2 low from December 2018.

The bearish alternate (red) wave count is the C2 wave down to the 50%/62% Fib (of C1 3394 high) at 2031/1703.   The PA-C2 wave is nearing its completion here at 2740.  Once PA ends, there will a PB-C2 wave up to a 50% Fib at 3067 (basis PA at 2740).   Following PB bounce, there will be a massive PC-C2 wave that will break below 2347.  The PC=1.62PA target is 2033 (right at the 50% Fib target of 2031).   The alternate (red) wave count remains valid below 3394.

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

SP-500 weekly chart:

SP500 Technical Analysis

SP-500 monthly chart:

SP500 Technical Analysis

 

 

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