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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: 

  1. 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!
  2. VIX:  Today the VIX closed slightly higher at 26.37.
  3. 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:

SP500 Technical Analysis

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

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