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June 3rd, 2020: SP-500 Chart Update

Posted by pugsma on June 3, 2020

11:10 am EST:  The SP500 gapped up from 3080 to 3098 and has risen to 3115 thus far.

The primary (white/green) count has the major [1]-P1-C3 wave extending towards at least the 3153 pivot area (the measured move target of 3142) and likely the minor 5 = 1 target at 3212.

SP-500 5-min chart:

SP500 Technical Analysis

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-mim chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

17 Responses to “June 3rd, 2020: SP-500 Chart Update”

  1. MS53 said

    Good support zone from May 18 to 22nd just above the 2914 to 2864 weekly gap on the PUGSMA 5 min chart. Doubt the bulls give up that gap til I’m in ground.

  2. pugsma said

    Now up to 98% of SP500 stocks above their 50-day SMA.

  3. pugsma said

    Yesterday into today is another good teaching moment for how to trade my wave counts; in particular when a key identified threshold is breached.

    In the Monday June 1st blog post I identified 3069 as the key level that separated the primary and alternate wave counts. On break about 3069, the alternate (blue) wave count targeted a bullish move at least 3113 to 3143.

    So I took the bullish trade on June 2nd on the 3069 break at 3072. I closed the trade after the open today near 3113. I could have held for more gains, but I got the result I was looking for and booked the trade.

    The point here is you that you can trade even when the counts are conflict, but I will wait for a confirmation point, like the 3069 threshold break.

  4. doubleug said

    SP close outside the upper Bollinger band Steve mentioned yesterday.

  5. pugsma said


  6. pugsma said

    CBOE Equity Put/Call hitting a historic low.

  7. pugsma said

    It just keeps getting better…

  8. pugsma said

    Now this is truly shocking. Weekly AAII Sentiment still shows Bears out number Bulls.

    Might need to see major [1] at an all-time new high to flip this?

  9. pugsma said

    Euro-Zone QE was just extended from end of the year to end June 2021.

    The markets look 6 months ahead (look at Dec 2020 right now) and now have another 6 months beyond that of increased money supply.

    Still waiting on the US Fed to announce additional QE sometime soon.

    • pugsma said

      This the most important chart you will ever see and need to understand.

      Based on money supply (M2) the SP500 right now is priced at year 2016 levels, roughly 1800. You are not buying the SP500 at 3100 right now but rather at 1800! Let that sink in.

  10. pugsma said

    Finally looking at classic technical analysis technique sfor clues, the SP500 daily RSI(14) continues to make new highs and closed at 69 yesterday. This in NOT what happens during a terminal wave (5) of minor 5 of major [1]. The wave count is wrong at at least the minute degree and maybe the minor degree. Adjustments will need to be made today. A level above 3130 (possibly well above) is highly probable.

  11. R Swaim said

    Glad to hear that you are re-looking at it, as things are looking fairly peaky to me at this point.

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