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November 9th, 2020: SP-500 Chart Update

Posted by pugsma on November 9, 2020

12:50 pm EST:  The SP-500 price gapped up from 3510 to 3580, rose quickly to 3646, then dropped to 3595.

Notes: 

  1. NYMO: The NYMO closed up at +46 from +22 on Friday, making it three consecutives days above +20. The NYMO needs to close above +20 for several days to confirm a new impulse minor 3 of major [3] wave higher.
  2. VIX: Today the VIX closed up +3.5% at 25.75. The VIX needs to drop below 25 (accomplished Friday, Nov 6th) and more importantly below 20 to confirm the minor 3 of major [3] wave move higher than 3588.
  3. Chart Pattern: Nothing to report.
  4. Zweig Breadth Thrust (ZBT): The ZBT level closed at 0.59 after closing below 0.40 on Wednesday Oct 28th. The ZBT level has 10 days (Wed Nov 11th) to close above 0.615 and trigger a rare ZBT signal (very bullish).
  5. The NYSE A-D Line Cumulative: The A-D line made a new all-high high on Oct 12th with the SP500 at 3550 still below its all-time high of 3588. This strongly suggests that eventually (note: it can take a few months) the SP-500 will break-out to a new all-time high above 3588.

The primary (white/green) wave count is that minor 2 of major [3]-P1-C3 completed at 3234. The minor 3 wave up is underway that should target 3919, where minor 3 =2.0*minor 1. Wave minute (1) of minor 3 completed at 3472 and wave minute (2) at 3440. Wave minute (3) is underway to an initial target at 3826, where (3)=1.62(1).  Note: this primary (white/green) wave count remains valid above the minute (2) or minor 3 wave low at 3440.

The alternate (blue) count is that major [4]-P1-C3 ended at 3209. Major [5] up is underway to major [5]=[1] target at 3972. Minor 2 of major [5] completed at 3243. The minor 3 wave up is underway with target of 3916, where minor 3 = 2.0*minor 1. Within minor 3, minute (1) is complete at 3646. Wave minute (2) should retrace to the 38%/50% to 3489/3440.  Note: the alternate (blue) count remains valid for wave minute (2) of minor 3 above the minor 2 low at 3234.

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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