S&P500 made a nice drop recently, which we labelled it as a wave 4) pullback with possible support near the 2976/2965 region, where former swing lows can react as turning points. A new rally in impulsive fashion would confirm a completed wave 4, and ideally new highs for a wave 5!
SNPS stock has been moving with intermittent momentum runs and easily broke through the highs resistance from September 2018. It is now slowing down after huge gains. The stock is currently shifting sideways with a rising risk of heavy profit taking from the pro side.
The price is below 30MM, although the slope of 30MM is positive. If the price doesn't break the resistant, it will continue in phase 3. Think about to sell.