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August 18th, 2020: SP-500 Chart Update

Posted by pugsma on August 18, 2020

4:55 pm EST:  The SP-500 gapped up from 3382 to 3387, hit 3395 (New All-Time Intra-day High), dropped to 3370, then climbed all day to close at 3390 (New Al-time Closing High).

The SP-500 is looking to complete major [1]-P1-C3 in the range of 3411 (blue count) where M5=M1 to 3513 (white/green count) where M5=1.23*M1.

Note: While 3395 could be the major [1] top per the alternate (blue) count, there is a week long ascending triangle on the 15-min chart that measures to 3450.  As long as today’s low of 3370 holds, the bias is still up in the very short-term.  Breaking below 3370 and then 3326 will like confirm the major [1] top.

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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