September 30th, 2020: SP-500 Chart Update
Posted by pugsma on September 30, 2020
4:40 pm EST: The SP-500 price gapped up from 3335 to 3340, rose steadily all today to hit a high of 3393, before dropping quickly to 3340 during the final hour and closing at 3363.
Note:
- NYMO: Yesterday (Tues) the NYMO back below the zero line at -11. Today the NYMO higher near zero. Typically it will take multiple NYMO closes above +20 to confirm a new bull wave impulse (per the primary (green) wave count) and this still has not happened. We have not seen NYMO above +20 this since early August!
- VIX: Today the VIX closed slightly higher at 26.37.
- ZTB: Yesterday (Tues) the ZBT closed at 0.48. Today the ZBT closed lower at 0.51. On both Wed (9/23) and Thurs (9/24) the Zweig Breadth Trust (ZBT) indicator dropped below the key 0.40 threshold. Then on Friday (9/25) the ZBT indicator closed back above the 0.40 threshold at 0.45. This is a potential bullish ZTB signal trigger. For the ZBT signal to be confirmed, the ZBT indicator must close above 0.615 within 10 trading days including last Friday (9/25) as day 1. Thus, the 10th day ZBT close is on Thurs (Oct 8th).
The primary (white/green) count is that minor 1 of major [3]-P1-C3 up is underway of the major [2] low at 3209. Minor 1 wave should target the area slightly above the all-time high of 3588. Wave i of minute (1) of minor 1 completed at 3279. Wave ii of minute (1) retraced nearly 78% to 3228. Wave iii of minute (3) completed at 3361. Wave iv of minute (1) retraced 23% to 3328. Wave v-(1) completed at 3393 today near the target of v=i area of 3398. The minute (2) pull-back is underway and should hold above the 3300 area. The wave (2) 38% to 50% Fib is at 3322 and 3301. Note: The primary (white/green) count is valid above the 3209 major [2] low and will be fully confirmed on a break above the all-time high of 3588.
The alternate (blue) wave count minor B of major [2]-P1-C3 likely completed today at 3393 near the typical 50% at 3399. 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. The minor C=A target is at 3013 based on minor B ending between 3393. Note: this alternate (blue) wave count remains valid below the major [1] high of 3588.
House Keeping: The third quarter (Q3) of 2020 ended today, Sept 30th. If you are a quarterly subscriber, simply make a payment via the link that I sent in an e-mail to continue with the Premium Service for Q4-2020 (Oct-Dec).
SP-500 5-min chart:
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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