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March 11th, 2020: SP-500 Chart Update

Posted by pugsma on March 11, 2020

7:00 pm EST:   The SP-500 gapped down from 2882 at the open and hit a new low at 2707 and closed up at 2741.

Today’s close on the SP-500 at 2741 is even more bullish than the close on Monday at 2745. We now have a bullish double positive divergence on both the RSI (relative strength index) and NYMO (McClellan Oscilator). Plus, the VIX is showing a negative divergence (bullish for SP-500) and the volume dropped at the new low today (also bullish).

SP500 Technical Analysis

The bullish primary (green) wave count is that major P2-C3 bottomed at 2707.  The typical 62% Fib for a wave 2 is at 2745 and the major [C]=0.78[A] target is 2717.   If however the SP500 price does decide it needs a little more correction to the P2 bottom, then 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 completed today a 2707.  The PB-C2 wave should bounce up to a 50%/62% Fib at 3050/3133.   Following PB bounce, there will be a massive PC-C2 wave that will break below 2347.  The PC=1.62PA target is 1937 (right below 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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