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September 8th, 2020: SP-500 Chart Update

Posted by pugsma on September 8, 2020

4:45 pm EST:  The SP-500 price gapped down from 3427 to 3372, dropped to 3340, bounced to 3380 and closed near the low of the day (3329) at 3332.

The primary (white/green) count is looking for the end of the minor A of major [2]-P1-C3 wave in the 3300 area.  Minor A could very well could have ended today at 3329, with the VIX sell, SPX buy signal triggering at the close today.   Assuming minor A is complete at 3329, the minor B, 50% Fib retrace target is at 3459.  From the minor B wave high (3359), there will be a minor C wave lower to at least the C=A target of 3201.   The 23% to 38% Fib retrace target for major [2] is at 3267 to 3057.  I’d expect this major [2] wave to last several weeks to over a month and test the rising 200-day SMA that is current at 3094.

The alternate (blue) wave count is looking for quick (less than a week) resolution to major [2]-P1-C3 above the 3258 pivot support.   Minor A was the drop from 3588 to 3350.  Minor B was the nearly 50% Fib retrace to 3455.   Minor C of major [2] could be complete today at 3329 or will need a much down towards targets that range from 3307 to 3269.  There are potential targets at the early August daily gaps at 3306 to 3317 and then 3271 to 3288, as shown on the 15-min chart below.

SP-500 5-min chart:

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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