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September 11th, 2020: SP-500 Chart Update

Posted by pugsma on September 11, 2020

7:05 pm EST:  The SP-500 price gapped up from 3339 to 3352, rose to 3469 then dropped to a day’s low at 3310 and closed at 3341.

Note: Today’s low at 3310 completed a potential bullish falling wedge (3-push down pattern) and ending diagonal that completed both wave counts low.  The Ending Diagonal has maximum level of 3299, so there could still be a little more down move on Monday, if need be

The primary (white/green) count is that minor A of major [2]-P1-C3 wave ended today at 3310.  The minor B wave should retrace to the 50%/62% Fib at 3449/3482 (Basis 3310) 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 3310.  Minor A of major [2] wave was the drop from 3588 to 3428.  Minor B was the move up to 3480.  The minor C=A target was 3319 and today’s 3310 low satisfied this.  The minor 1 of major [3]-P1-C3 wave up to 3588 likely began today from 3310.

Have a great weekend !

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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