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April 6th, 2020: SP-500 Technical Analysis

Posted by pugsma on April 6, 2020

4:20 pm EST:  The SP-500 opened gap up from 2488 to 2578, hit the late March 2637 high around now, consolidated above 2620, then surged to a 2677 daily high and closed at 2663. (an impressive daily gain of +7.0%).

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 at 2447.  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%.

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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