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May 11th, 2020: SPY 15-min Chart Pre-market

Posted by pugsma on May 11, 2020

9:25 am EST:  SPY nearly broke the 294.88 high (Apr 29th) in the pre-market early this AM hitting 294.34.  Then SPY pull-back to 289.33, nearly a 50% Fib retrace of the move up from 282.70.  Both wave count still alive here.

SPY 15-min chart (pre-market 5-11-20):

SPY Tecnical Analysis

19 Responses to “May 11th, 2020: SPY 15-min Chart Pre-market”

  1. pugsma said

    An interesting chart explaining one possible TA bases trigger for the major [2] wave back down to 2550 to 2650 area in June-July.

    • MS53 said

      Notice that in all of P1 in 2009-2011,there was never a thrust.

      • pugsma said

        You are missing his point.

        His model is extremely overbought now without the confirming breadth thrust (Deemer, Zweig, Whaley, + few others).

        That shows a dangerous condition in 8 of 11 prior occur occurrences.

        In 2009-2011 his model never got overbought. So no dangerous signal like now

  2. pugsma said

    Both Denali’s historical work and Cobra’s historical work predict a higher high than 2954 by May OPEX Friday May 15th.

    • Steve, does the primary green switch over to the blue count on any move to new highs over 2954 ? I remember something in the 2980 area, but I think that was on the SPY.

    • I will be out with a post by Wednesday or Thursday on this opex period.

      Everything is well set up for a MAJOR OPEX period top some time between this Thursday (May 14th) and next Wednesday (May 20th). The market has followed the March 2001 and March 2008 scripts quite well so that remains my preferred analog. (MAJOR Top during May opex and a decline in to July).

      There have been no May opex tops before Opex Thursday (last seen in 2019).

      The 200 day MA at 3002 and the daily upper bollo at 2956 are two important technical points to monitor.


  3. rat8nine said

    spy has now marginally taken out the Friday high, and tagged the area where 294.88 – 279.13 = .886 at 293.08

  4. pugsma said

    Hopefully everyone here follows me on Twitter @PUStockMarket

    I posted this IBB chart on May 1st with it trading at $120.

    Now today at $134 (+11%) and a clear breakout from $129 Cup and Handle patten with target of $166.

  5. pugsma said

    One hour before the close today, The NYSE A-D Line Cumulative continues to be negative with a lower low below the May 4th SP500 equivalent-low at 2798 and has yet to break the level set at the April 29th SP500 high of 2954. In fact it’s setting up a potential two long negative divergence with closing SP500 price.

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