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July 21st, 2020: SP-500 Chart Update

Posted by pugsma on July 21, 2020

5:40 pm EST:  The SP-500 gapped up from 3251 to 3268, quickly hit 3277 then faded all day hitting 3248 (day’s low) before closing at 3257.

The SP-500 continues to wedge higher (bearish) under heavy negative divergence (bearish) across multiple time frames.

The primary (white/green) count is that minute 5 of major [1]-P1-C3 is extending higher towards targets at 3313 (M5=0.78*M1) to 3412 (M5=M1).  Minute (4) of minor 5 played out as an ascending triangle with a minimum target of 3288 (nearly hit today at 3277), where 3235 + (3235-3128)/2 and the maximum target of 3342, where 3235 + (3235-3128).

SP-500 15-miin chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP-500 Technical Analysis

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