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 23rd, 2020: SP-500 Chart Update

Posted by pugsma on April 23, 2020

5:40 pm EST:   The SP-500 gapped up from up 2799 to 2808, hit 2845, dropped to 2794 and closed at 2798 (flat for the day).

As displayed on the 5-min chart, the SP-500 price has been range bound for 10 trading days between 2721 and 2852.  In classic technical analysis this is called a rectangle pattern and the third/fourth touch of the range will typically break through and produce a measured move in the magnitude of the rectangle width (131=2852-2721).  There have been three touches at the 2852 area and two at the 2721 area.  So a move down to 2490 or up to 2983 out of the rectangle pattern is due soon.

The primary (green/white) wave count is that major [1]-P1-C3 completed at 2879.  The major [2] wave pull-back to the 38% to 50% Fib retrace targets of 2618 to 2536 is underway.   The simplest form for major [2] is a minor A-B-C, 5-3-5, Zig-Zag.  Minor A is a 5-wave move that completed at 2727.   The minor B wave was a 7-wave, double zig-zag move that retraced to 2845, the 78% Fib of minor A.  The minor C wave should be a 5-wave drop to the 2618 to 2536 Fib targets for the retrace of major [1].  Note: there is a head and shoulders pattern on 15-min chart with head at 2879, neckline at 2727 and target of 2575 (agrees with the 50% 2536 Fib target).   The primary (green) count remains valid below the 2879 high.

The alternate (blue) count is that minor 4 of major [1]-P1-C3 completed as an expanded flat at 2727.  The minor 5 wave of major [1] is underway that should end above 2879 to complete major [1].   There is a measured move target at a 2983, where 2852 + (2852-2721).  This alternate (blue) count is valid above the 2722 low.

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

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: