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September 10th, 2020: SP-500 Chart Update

Posted by pugsma on September 10, 2020

4:50 pm EST:  The SP-500 price gapped up from 3399 to 3412, rose quickly to 3425 then dropped day to a 3329 low and closed at 3339.

Note: Today’s marginally lower low at 3329.25 vs the Tuesday, Sept 8th low at 3329.27 means that the wave counts are still in the process of finding there initial low off the 3588 major [1] top.

The primary (white/green) count is that minor A of major [2]-P1-C3 wave ended today at 3329 or could drop a little lower to the 3000 area, which is the rising 50-day SMA.  Note on the 15-min chart, that there is a daily gap at 3306 to 3317 and weekly gap at 3271 to 3288, both of which could be targets for the completion of the minor A wave.  The minor B wave should retrace to the 50%/62% Fib at 3459/3490 (Basis 3329) as a minute (a)-(b)-(c) wave.  From the minor B high, the minor C wave lower should reach the 3258 to 3154 pivot area.   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 two month and test the rising 200-day SMA that is currently at 3096.

The alternate (blue) wave count is that major [2]-P1-C3 completed today at 3329 or could drop a little lower to the 3000 area.  Minor A of major [2] wave was the drop from 3588 to 3350.  Minor B was the nearly 50% Fib retrace to 3455.  The minor C of major [2] is on going and is the drop from 3455 to 3329 (so far).  There are potential targets at minor C=0.62A = 3307 and minor C=0.78A = 3269.   The 23% Fib retrace target for major [2] is at 3267.  I’d expect this major [2] alternate (blue) wave to last into early next week, as a quick 23% Fib retrace of major [1].

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

SP-500 weekly chart:

SP500 Technical Analysis

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