PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

November 11th, 2020: SP-500 Chart Update

Posted by pugsma on November 11, 2020

6:30 pm EST:  The SP-500 price gapped up from 3546 to 3563, climbed into the afternoon high of 3581, dropped to 3557 and closed at 3572.

Notes: 

  1. NYMO: The NYMO closed up down at +48 from +55 on Tuesdaymaking it five 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 -5.4% at 23.45The 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 PatternNothing to report.
  4. Zweig Breadth Thrust (ZBT): White I don’t have the final ZBT level today on day 10, I do know it will likely below lower than Tuesday’s 0.606 level. This means that the ZBT signal failed to trigger. The ZBT level has 10 days (until Wed Nov 11th) to close above 0.615 and trigger a rare ZBT signal (very bullish).
  5. NYSE A-D Line Cumulative: The A-D line made a new all-high high on 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 at 3512 (white labels) near the 38% Fib of 3489 or could retrace to the 50%/62% Fib at 3440 to 3391 (blue labels). 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) could have completed at 3215 (white labels) near the 38% Fib or could 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

Sorry, the comment form is closed at this time.

 
%d bloggers like this: