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November 16th, 2020: SP-500 Chart Update

Posted by pugsma on November 16, 2020

5:25pm EST:  The SP-500 price gapped up from 3585 to 3600, climbed all morning to hit 3627, dropped to 3602 and closed near the high (3628) at 3627.

Notes: 

  1. NYMO: The NYMO closed up near +70 from +42 on Friday.
  2. VIX:  The VIX closed down -2.8% at 22.45. 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 cumulative continues to make new all-time closing highs along with the SP-500 price. There likely wont be a significant top in the SP-500 without a negative divergence on the A-D line vs the SP-500.

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) completed at 3512 (white labels) near the 38% Fib of 3489. Wave minute (3) up has an initial target at 3924, where (3)=(1). This wave i-(3) up has a 3671 target. Wave ii-(3) should retrace to the 50%/62% Fib at 3592/3672.  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 38%/50%/62% Fib at 3489/3440/3391.  Note: the alternate (blue) count remains valid for wave b-(2) of minor 3 below the recent 3646 high.

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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