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November 7th, 2019: SP-500 Chart Update

Posted by pugsma on November 7, 2019

3:50 pm EST:   Many signs (NYMO -DIV vs SP500 price, AAII Weekly Sentiment bullish extreme, TLT Daily Hammer) of a key top at 3098 (i.e. major [5]-P5-C1 primary green or major [3]-P5-C1 for alternate blue).  Primary green wave count remains valid below 3121.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

10 Responses to “November 7th, 2019: SP-500 Chart Update”

  1. pugsma said

    It should also be note that VIX is very low and it’s BB’s are extremely tight.

    A VIX spike, SP500 drop looks likely here…

    https://stockcharts.com/h-sc/ui?s=%24NYAD&p=D&yr=0&mn=6&dy=0&id=p32152966307&a=269536931&r=1450045167343&cmd=print

  2. pugsma said

  3. JW said

    Despite SPX closing at an ATH, NYAD did not come close to approaching its ATH on Nov 4th, which has been a pretty accurate topping signal in the past.

  4. rat8nine said

    spx with nymo negative divergence….aside from Steve’s observation regarding tlt, gld is very close to its .382 level = 136.40, in what looks like an ABC move from the August high. Not to mention the continued negative divergence from iwm.

  5. pugsma said

    House Keeping: Nothing new to report today with the small SP500 range. Have a great weekend!

  6. JW said

    Second day in a row with an ATH in SPX but not in Cumulative NYAD. Also the weekly NYAD did not make a new ATH; the last time this happened was on Sept 17, 2018 which proceeded the huge fourth quarter ’18 drop.

    https://stockcharts.com/h-sc/ui?s=%24NYAD&p=W&yr=1&mn=7&dy=0&id=p39951406022&a=384218048

  7. Steve, on your daily chart of SPX, you have the blue wave 4 count at 2095, Is this correct?

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