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March 31st, 2020: SP-500 Chart Update

Posted by pugsma on March 31, 2020

6:05 pm EST:  The SP500 gapped down from 2626 to hit 2592, moved up to 2641, dropped to 2571 and closed at 2584.

The primary (green) count is that major [1] of P1-C3 completed at 2637.  The major [2] wave should retrace to the 50%/62% Fib area of 2415/2361.   The drop from 2637 to 2520 was minor A of major [2].  The rise to 2641 was minor B.  Next there would be a minor C wave drop that has target at least C=2.00*A = 2407.    Note, the primary (green) wave count remains valid below the 2641.

The alternate (blue) count is that minor 4 of major [1]-P1-C2 ascending triangle that may have completed today 2571 (orthodox low 2520).  The triangle measured move target for the minor 5 wave up is 2754 [2637+(2637-2520)].  There is a bullish inverse head and shoulders (IHS) pattern on the 15-min chart, with head at 2192, neckline at 2467 and a target of 2742 to complete major [1].   Once major [1] completes near 2742/2754, the major [2] wave should retrace to the 50%/62% Fib area of 2467/2401.  Note, the alternate (blue) wave count remains valid for the ascending triangle as minute (e) of minor 4 remains above the minute (c) low of 2535.

House Keeping:  If you are a quarterly subscriber, then you will need to make a payment by today, March 31st to remain with the service for Q2-2020 (April through June).  If you did not receive an e-mail with the Q2-2020 payment link, then send me an e-mail at pug.sma.llc@gmail.com

SP-500 5-min chart:

SP500 Technical Analysis

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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