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June 30th, 2020: SP-500 Chart Update

Posted by pugsma on June 30, 2020

5:00 pm EST:  The SP-500 opened flat from 3053, dipped to 3048 (day’s low) and rallied to close at 3100 near the day’s high of 3108.

The primary (white/green) count that minute (2) of minor 5 of major [1]-P1-C3 low is in place at 3000, which was at the 88% Fib of 2999 and the triple top (3156) target of 2996.   The minute (3) wave of minor 5 is underway with conservative target of (3)=1.23(1) at 3234.  The minor 5 target range is from minor 5 = 0.62, 0.78, or 1.0 * minor 1 at 3242, 3313, or 3412.  The primary (green) count is valid above the minute (2) low at 3000.

The alternate (blue) count is that major [2]-P1-C3 has been underway since the early June 3233 high and is looking to complete a single Zig-Zag at the minor C=A target of 2889.  The minor B wave looks to be forming a contracting triangle pattern.  Once the triangle is complete the minor C wave should drop to the 2872 pivot area to complete major [2].  The alternate (blue) count remains valid below minute (a) of minor B high at 3156.

House Keeping:  For Quarterly Premium Service Subscribers, Q2-2020 (Apr-June) ended today.   An e-mail was sent out on Monday with payment options for Q3-2020 (July-Sept) or Q3/Q4 (July-Dec).

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

SP-500 weekly chart:

SP500 Technical Analysis

SP-500 monthly chart:

SP500 Technical Analysis

9 Responses to “June 30th, 2020: SP-500 Chart Update”

  1. Steve, thanks for the in-depth analysis as always. Couple of novice questions to trouble you:

    1. Fully understanding it’s difficult to time the waves, what are the odds of 5-[1]-P1-C3 completing around the week ending 17-Jul or a little before/after? Trying to see if this end synchronizes with a theory floating around that SPX (and other indices) will take the elevator down around that time.
    2. How difficult is it to call the end of a (minor) wave 5? Can we know only when a serious U-turn (i.e. the corrective wave) has started or can momentum provide guidance ahead of time? Asking because while I recognize you don’t trade corrective waves, some of us would appreciate a ‘Giddy Down’ call (no pun intended)

  2. pugsma said

    Pfizer reports 24 of 24 low dose COVID-19 vaccine patients produced neutralizing antibodies 1.8 to 2.8 times a recovered COVID-19 patient.

    Wow, just wow!!!

  3. pugsma said

    In order to allow these “odd” stats to continued be reported here, it needs to be more than a sample of 1 to 3. That small size is not a valid sample size to draw conclusions. Samples of 5 minimum to 10+ is required. I also don’t want to distract subscribers from my work. Thanks.

  4. pugsma said



  5. pugsma said

    Manufacturing ISM jumps to 52.6 now in expansion mode above 50.


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