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October 5th, 2020: SP-500 Chart Update

Posted by pugsma on October 5, 2020

Technical Analysis Blog | PUG Stock Market Analysis, LLC

1:35 pm EST:  The SP-500 price gapped up from 3348 to 3367, rose to 3399 and traded sideways between 3390 and 3399.


  1. NYMO:  Intra-day is very strong near +50, the highest since early August.  Typically it will take multiple NYMO closes above +20 to confirm a new bull wave impulse (per the primary (green) wave count). Depending on the close this could happen today.
  2. VIX:  Today intra-day the VIX has been higher between 28 to 29.
  3. ZTB:  Today intra-day the ZBT has been higher at 0.58.   For the ZBT signal to be confirmed, the ZBT indicator must close above 0.615 within 10 trading days, which is on Thurs (Oct 8th). 

The primary (white/green) count is that minor 1 of major [3]-P1-C3 up is underway off the major [2] low at 3209.  Minor 1 wave should target the area slightly above the all-time high of 3588.   Wave minute (1) of minor 1 completed at 3393.  The minute (2) pull-back completed at 3324 near the 38% Fib. The minute (3)=2.62(1) target is 3578. The minute (4) 23% Fib is at 3520 and the minute (5)=0.62(1) target is 3633.  Note: The primary (white/green) count is valid above the 3209 major [2] low and will be fully confirmed on a break above the all-time high of 3588.

The alternate (blue) wave count minor B of major [2]-P1-C3 wave could be complete at the 50% Fib of 3399, but is more likely headed for the 62%/78% Fib at 3444 to 3505. Minute (c) of minor B, targets range from (c)=0.50(a)=3414, (c)=0.62(a)=3438, (c)=0.78(a)=3468, (c)=(a)=3505. After minor B completes, the minor C of major [2] down will make a new low below 3209. The target area is at the 38% Fib retrace of major [1], which is at 3058. Note: this alternate (blue) wave count remains valid below the major [1] high of 3588.

SP-500 5-min chart:

SP500 Technical Analysis

SP-500 15-min chart:

SP-500 60-min chart:

SP-500 4-hr chart:

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