Technical Analysis Blog | PUG Stock Market Analysis, LLC

PUG Stock Market Analysis is here to help with SP500 technical analysis, stock analysis and more. Read our technical analysis blog to learn more.

April 7th, 2020: SP-500 Chart Update

Posted by pugsma on April 7, 2020

6:15 pm EST:  The SP-500 opened gap up from 2663 to 2738, hit 2757, dropped to 2658 and closed near the low at 2659.

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, where (c)=1.62(a).  The initial target for minor 3 was at 2723, where minor 3 = 0.62*minor 1, and was exceeded today at 2757.  There is also a higher minor 3 target at 2794, where minor 3 = 0.78*minor 1.  Once minor 3 completes, the 38%/50% Fib retrace for minor 4 is at 2662/2621 (basis minor at 2794 primary green) or 2639/2602 (basis minor 3 at 2757 alt blue).  Once minor 4 completes, there will a minor 5 wave high to complete major [1] at an initial target 2856 as a Leading Diagonal (LD).   Once complete, a Leading Diagonal (LD) will typically retrace to 50%/62%78% Fib, which is 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: The Leading Diagonal (LD) major [1] wave remains valid for minor 4 above the minor 2 low at 2447.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis


SP-500 4-hr chart:

SP5t00 Technical Analysis

SP-500 daily chart:

SP500 Techncial Analysis

Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: