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April 3rd, 2020: SP-500 Chart Update

Posted by pugsma on April 3, 2020

5:15 pm EST:  The SP-500 opened down slightly from 2526, hit 2512, rose to 2583, then dropped the rest of the day to hit 2460 before rallying into the close at 2488.  For the week the SP-500 dropped 53 points (-2.1%).

The primary (green/white) count is that minor 1 of major [1]-1-C3-SCV completed at 2637 (2641 orthodox high).   The minor 2 wave played out as a flat wave.  Minute (a) of minor 2 was the drop from 2637 to 2520.  The minute (b) wave was the move up from 2520 to 2641.  The minute (c) wave likely completed 2447, where (c)=1.62(a) = 2451 and just below the 38% Fib target was 2470.   It’s possible that minor 2 might have a little further to drop to the 50% Fib at 2417 early next week, see the alternate (blue) labels on the 15-min chart.  The initial target for minor 3 is at 2723, where minor 3 = 0.62*minor 1.   A 38% Fib retrace for minor 4 is at 2618 overlapping minor 1 at 2637.  I’m looking for the major [1] wave up from 2192 to an initial target of 2856 to play out a possible leading diagonal.  A leading diagonal will typically retrace to 50%/62%78% Fib, which at 2524/2444/2338 for the major [2] wave.  Thus, I’m expecting the deep major [2] wave retrace to test the 2192 low later in May or early June.

Note 1:  On the 15-min chart, there is a Cup and Handle (C&H) on the 15-min chart with rim of the Cup at 2641, Handle drop to 2447 and target of 2835.

Note 2:  On the 4-hr chart, notice that from the Dec 2018 V-bottom low the SP-500 had a minor 2 wave pull-back of 44%.  The current minor 2 wave pull-back from 2641 to 2447 this week was also 44%.

Stay safe and healthy.  Have a great weekend !

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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