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November 12th, 2020: SP-500 Chart Update

Posted by pugsma on November 12, 2020

5:10 pm EST:  The SP-500 price gapped down from 3572 to 3563, dropped all day to an afternoon low of 3519, and rallied to close at 3537.

Notes: 

  1. NYMO: The NYMO closed down near +10 from +46 on Wednesday.
  2. VIX: The VIX closed up +8.1% at 25.35. The VIX needs to drop below 25 and more importantly below 20 to confirm the minor 3 of major [3] wave move higher than 3588.
  3. Chart PatternNothing to report.
  4. 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 of 3489 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

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