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 13th, 2020: SP-500 Chart Update

Posted by pugsma on April 13, 2020

4:40 pm EST:  The SP-500 opened gap down from 2790 to 2782, hit a daily low at 2721, and closed 2761.

The primary (green/white) count is that minor 3 of major [1]-1-C3-SCV completed at 2819.  The minor 4 wave should retrace to the 38%/50% Fib to the 2678/2633 (basis minor 3 at 2819).  For minor 4 there are 3 waves down from 2819 to 2721, so that could complete minor 4 as a single zig-zag or it could only be minute (w) of a double zig-zag ,(w)-(x)-(y).  The minute (x) wave of the potential double zig-zag retraced to a 50% Fib at 2770.  Thus, a final minute (y) wave  would target the (y)=(w) are of 2672 (the 38% Fib).   Once minor 4 completes, there will a final minor 5 wave higher to complete major [1] at an initial target 2856 as a Leading Diagonal (LD).   The major [1] Leading Diagonal (LD) will typically retrace to 50%/62%78% Fib, which is at 2524/2444/2338 (basis 2856) for the major [2] wave.

Alternately (blue), the minor 3 high was at 2757, the minor 4 pull-back was at 2658 and this current rally to 2819 completed the minor 5 wave to end major [1].    The major [1] Leading Diagonal (LD) will typically retrace to 50%/62%78% Fib, which is at 2506/2430/2330 (basis 2819) for the major [2] wave.

Note:  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.

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

Leave a Reply

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

WordPress.com Logo

You are commenting using your WordPress.com 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: