PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

August 24th, 2020: SP-500 Chart Update

Posted by pugsma on August 24, 2020

4:45 pm EST:  The SP-500 gapped up from 3400 to 3418, quickly hit 3427, drifted sides ways above 3413 all day and then rallied to close at the high of 3432.

The primary (white/green) count completed wave iii-(5) of minor 5 of major [1] at 3399.  The drop to 3354 was a near perfect 23% Fib retracement for wave iv-(5).   The wave v=1.23* target is at 3436, v=1.38*i at 3446 and v=1.62*v at 3462.  The minute (5)=1.23(1) target is at 3438, (3)=1.38(1) at 3466, and (5)=1.62(1) at 3512, which agrees with the minor 5 = 1.23*minor target at 3513.  Also, the weekly chart update channel line is right near the 3500 target area.  Thus a move up to the 3500 area looks likely to complete major [1].

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


Sorry, the comment form is closed at this time.

%d bloggers like this: