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November 10th, 2020: SP-500 Chart Update

Posted by pugsma on November 10, 2020

4:50 pm EST:  The SP-500 price opened flat from 3550, dipped early one to 3512, climbed most of the day reaching 3557 and closing at 3545.

Notes: 

  1. NYMO: The NYMO closed up at +55 from +46 on Monday, making it four consecutives days above +20. The NYMO needs to close above +20 for several days (confirmed) to confirm a new impulse minor 3 of major [3] wave higher.
  2. VIX: Today the VIX closed down -3.7% at 24.80. 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 0.606 after closing below 0.40 on Wednesday Oct 28th. The ZBT level has 10 days (until Wed Nov 11th) to close above 0.615 and trigger a rare ZBT signal (very bullish). Thus the ZBT level must close above 0.615 by tomorrow, Wed 11-11 to confirm the ZBT signal.
  5. The NYSE A-D Line Cumulative: The A-D line made a new all-high high today Nov 10th with the SP-500 closing at 3545. This strongly suggests that eventually the SP-500 will break-out to a new all-time new closing high above the Sept 2nd closing high of 3577.

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 3994, where minor 3 =2.23*minor 1. Wave minute (1) of minor 3 completed at 3646. Wave minute (2) may have completed today at 3512 or could retrace to the 39% Fib at 3489. One wave minute (2) completes, wave minute (3) has an initial target at 3924, where (3)=(1).  Note: this primary (white/green) wave count remains valid for wave minute (2) of minor 3 above the minor 2 wave low at 3234.

The alternate (blue) count is that major [4]-P1-C3 ended at 3209. Major [5] up is underway to complete P1 at the major [5]=[1] target of 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 50%/62% Fib at 3440 to 3391.  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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