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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…

  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.

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

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