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October 9th, 2020: SP-500 Chart Update

Posted by pugsma on October 9, 2020

Technical Analysis Blog | PUG Stock Market Analysis, LLC

5:00 pm EST:  The SP-500 price gapped up from 3447 to 3460, rallied to 3482, traded sideway and closed near the high at 3477.


  1. NYMO: Yesterday the NYMO closed strong up at +64. Today the NYMO down slightly at up at +59. That’s 6 consecutive days above +20 and shows very strong market breadth. Typically it takes multiple NYMO closes above +20 to confirm a new bull wave impulse (per the primary (green) wave count), which we have seen.
  2. VIX: Today the VIX closed down -5% at 25.00. The VIX has fallen for 3 consecutive days from near +29 to +25. That’s bullish.
  3. Chart Pattern: There is a potential bullish Inverse Head and Shoulders (IHS) pattern on the 15-min chart with HEAD at 3209 and Neckline at 3430. Yesterday the SP500 broke above the 3430 neckline and closed at 3447 above the neckline. That triggered the potential move to the IHS target of 3651 (primary count minor 1 target area). Today the price continued higher to 3482 and closed at 3477. This is confirmed bullish break-out above the IHS 3430 neckline.

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 near 3640.   Wave minute (1) of minor 1 completed at 3397.  The minute (2) looks to have played out as a running flat pull-back (a=3324, b=3421, c=3354) where c=a at 3358. Note: running flats are a very bullish wave formation in an uptrend. The minute (3) is underway with a (3)=1.62(1) target of 3584. The minute (4) 23% Fib is at 3524 and the minute (5)=0.62(1) target is 3640.  Note: The primary (white/green) count is valid above the 3354 minute (2) low.

The alternate (blue) wave count minor B of major [2]-P1-C3 wave looks to be targeting the 78% Fib at 3507 and 3505 pivot, where minute (c)=(a) at 3508. After the minor B wave 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 and near where minor C=A at 3128. Note: this alternate (blue) wave count remains valid below the major [1] high of 3588.

Have great weekend !

SP-500 5-mini chart:

SP500 Technical Analysis

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 160min 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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