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October 6th, 2020: SP-500 Chart Update

Posted by pugsma on October 6, 2020

6:25 pm EST:  The SP-500 price opened flat from 3408, traded sideways between 3398 and 3416, then rallied to the days high of 3431 and fell hard in the final hour dropping to 3354 and closing at 3361.

Note: 

  1. NYMO:  Yesterday NYMO closed very strong at +45.48, but fell today to close at +26.87. Typically it will take multiple NYMO closes above +20 to confirm a new bull wave impulse (per the primary (green) wave count). We have had three consecutive NYMO closes above +20.
  2. VIX:  Today the VIX closed higher a third consecutive data at 29.48.
  3. ZTB:  Today at the open intra-day ZBT hit 0.61, but closed lower at 0.54.   For the bullish ZBT signal to be confirmed, the ZBT indicator must close above 0.615 within 10 trading days, which is on Thurs (Oct 8th). 

The primary (white/green) count is that minor 1 of major [3]-P1-C3 up is underway off the major [2] low at 3209.  Minor 1 wave should target the area slightly above the all-time high of 3588.   Wave minute (1) of minor 1 completed at 3397.  The minute (2) now looks to be playing out as an expanded flat pull-back (a=3324, b=3421, c=xxxx) targeting the 38% to 50% Fib at 3325 to 3303. The minute (3)=2.62(1) target is 3584. The minute (4) 23% Fib is at 3524 and the minute (5)=0.62(1) target is 3640.  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 wave looks to be complete today at 3431, between the 50% to 62 % Fib of 3399 to 3444. 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 and also where minor C=A. Note: this alternate (blue) wave count remains valid below the major [1] high of 3588.

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:

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