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July 16th, 2020: SP-500 Chart Update

Posted by pugsma on July 16, 2020

4:55 pm EST:  The SP-500 gapped down from 3227 to 3209, quickly hit 3199, the drifted sideways all day to close at 3215.

The primary (white/green) count is that minor 5 of major [1]-P1-C3 played out as an Ending Diagonal (ED) topping at 3238, where minor 5 = 0.62*minor 1 = 3242.   Note, that the ED maximum is at 3300, so the SP500 could a little higher if need be.  I’m expecting major [2] wave lower to be a simple zig-zag pattern with the minor A wave targeting the 3028 pivot area.  The minor B wave should retrace to the 50% Fib at 3133 to the 3154 pivot area.  Followed by the minor C wave dropping to at least the C=A target of 2923 and the 2941 to 2872 pivot area.   This major [2] wave could take a few months to play-out into the October time frame.

There is negative divergence that has developed on the daily chart momentum indicators (RSI, MACD) at the recent price high of 3238 vs the June 8th price high at 3233.

SP500 Technical 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

 

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