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July 10th, 2020: SP-500 Chart Update

Posted by pugsma on July 10, 2020

5:05 pm EST:   The SP500 opened flat from 3152, dropped to 3136 and rallied all day to close near the high (3187) at 3185.

The primary (white/green) count is that minute (1) of minor 5 of major [1]-P1-C3 completed at 3184.  The minute (2) wave retraced to the 38% Fib at 3316.  The minute (3) wave up is underway with a very conservative initial target of (3)=0.62(1) at 3220.   I’m expecting the minor 5 of major [1] to reach at least the 0.62*minor 1 target at 3242 or extend slightly the 0.78*minor 1 target at 3313.   The primary (green) count remains valid for minute (2) of minor 5 above the minor 4 low at 3000.

The alternate (blue) count is that the minor B of major [2]-P1-C is targeting the minute (c)=(a)=3190 area.  This minor B wave target was reached near the close today 3187 and it can be seen on the daily chart, that the upper trend line from 3394 to 3233 was nearly breached.  So if this bearish alternate (blue) count is going to play-out, we’ll like to need to see big gap down Monday kicking of the minor C wave.   The minor C wave down should be next and should target C=A at 2917 to complete the major [2] wave.   The alternate (blue) count remains valid below the major  [1] high 3233.

House Keeping:  I’m traveling to Boston on Sunday July 12th and won’t return until the evening of Thursday, July 16th.  I will try to post updated charts to the blog at least once while away, follow the comments and post with any market thoughts.

Have a great weekend !

SP-500 5-min chart:

SP500 Tcchnical 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

SP-500 weekly chart:

SP500 Technical Analysis

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