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.

May 27th, 2020: SP-500 Chart Update

Posted by pugsma on May 27, 2020

5:25 pm:  The SP-500 gapped up from 2992 to 3016, quickly hit 3022, dropped to 2970 and rallied to close at 3035.

The primary (green) count has the minor 5 of major [1] of P1-C3 ending at the minor 5 = 0.62*minor 1 target area of 3042.  There is a minute (5)=(1) target a little higher at 3056.  The major [2] wave should be a minor A-B-C pull-back to at least the 30% retrace (similar to year 2009) at 2787 to the 38% Fib retrace at 2719.  It will take until early July (at the soonest) for major [2] to reach its low.

The alternate (blue) count has minor 1 of major [3]-P1-C3 ending near this same 3042 to 3056 area.  The typical minor 2 Fib retrace targets are the 50%/62% Fibs at 2905 to 2872.   The minor 2 wave should be a quick (week at the most) drop into early June.

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

11 Responses to “May 27th, 2020: SP-500 Chart Update”

  1. pugsma said

    Not a ZBT but we did get another type of Bull Market confirming breadth thrust today.

    Over 90% of the SP500 stocks are now back above their respective 50-day SMA.

    • pugsma said

      The one on May 4th, 2009 is similar to the one today May, 27th 2020.

      Remember the 2009 March low was about 2.5 half weeks earlier than in 2020.

      • pugsma said

        If we again go back and look at the major [1] wave in 2009, the similar thrust happened right at the peak of minor 3 of major [1] on May 4th.

        This brings up the possibility that I’m rushing major [1] here. What is this peak now is only minor 3 of major [1]? That would align the breadth thrusts of 2009 and 2020.

        Minor 3 = 1.38*minor 1 = 3061
        Minor 3 = 1.62*minor 1 = 3139

        So the next significant pull-back to say 23% Fib at 2920 is the minor 4 wave of major [1] and another push up towards the all-time high at 3394 for minor 5 of major [1].

        I like this better as the alternate (blue) more bullish count. But not crazy bullish like the major [2] low is in place. I will adjust this tomorrow.

  2. Bill S. said

    Ran a pattern match on breadth, momentum, and price action for SPX today and 2 dates showed up as matches for all parameters I screened on: 6/1/09 and 10/27/11.

  3. pugsma said

    More and more market technicians are now seeing the year 2009 and year 2020 SP-500 structure that I’ve been pointing out most of May 2020.

    • pugsma said

    • pugsma said

  4. orioncolorado said

    Possible warning divergence on $NYMO? Or, SC is not refreshing it correctly for me.

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: