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March 18th, 2021: SP-500 Chart Update

Posted by pugsma on March 18, 2021

5:20 pm EST: The SP-500 gapped down from 3974 to 3953, dropped to 3943, rallied to 3969 and fell into the close hitting 3911 before closing at 3915.

Primary (white/green) count is that the minor 2 of major [5]-P1-C3 wave is underway towards the 38%/50% Fib retrace targets of 3885 to 3854. Note: The primary (white/green) wave count minor 2 wave remains valid above the major [4] low at 3723. Below 3723, the P1 top is confirmed at 3984 (alt blue count labels on daily chart) with a 38% Fib retrace of P1 at 3303 for the P2 wave.

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

6 Responses to “March 18th, 2021: SP-500 Chart Update”

  1. Bill Shepler said

    Another signal from my dark pool and options positioning based trading system for SPX at the close today. This one has had 55 signals in the past 3 years. 96% win rate 9 trading days forward with an average return of +4.1%. Also 100% have seen a closing draw-up of at least 1% at some point in the next 10 days, with 96% seeing a closing draw-up of at least 2% during the same period. While there were some temporary drawdowns, 67% saw less than -1% closing drawdown and 36% had no closing drawdown.

  2. pugsma said

    3887 was the 38% Fib and (c)=2.0(a) for minor 2.

    Let’s see if it holds or if it needs to test the 50% Fib at 3854 and the 50-day SMA at 3861

  3. pugsma said

    SP500 5-min chart with just lines.

    Price has two down pink channels to break above to prove the minor 2 low is in place.

    First the light pink channel near 3905, then the dark pink channel at 3925 (EOD).


  4. pugsma said

    updated SP500 15-min chart with wave count options for the bottoming of the minor 2 wave.


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