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November 24th, 2020: SP-500 Chart Update

Posted by pugsma on November 24, 2020

4:50 pm EST:  The SP-500 price gapped up from 3578 to 3595, rose to hit the days high at 3642, then traded sideways to close at 3635.

Market Technical Notes: 

  1. NYMO: The NYMO closed at +65 from +50 on Monday.
  2. VIX: The VIX closed down -4.5% at 21.64. The VIX needs to drop below 20 to confirm the minor 3 of major [3] wave move higher than 3546.
  3. Chart Pattern: 15-min chart triangle bullish break-out with target of 3713.
  4. NYSE A-D Line Cumulative: The A-D line cumulative made new all-time closing high today Nov 24th with the SP500 at 3635. There likely wont be a significant top in the SP-500 without a negative divergence on the A-D line vs the SP-500 price.

The primary (white/green) wave count is that the minor 3 or major [3]-P1-C3 wave up is underway that should target 3994, where minor 3 =2.23*minor 1. Wave minute (1) of minor 3 is nearing completion and should reach the wave iv-(1) triangle target at 3713 . Once wave minute (1) completes, wave minute (2) should then retrace to at least the 38% Fib at 3530. Once wave minute (2) completes, wave minute (3) up has an initial target at 3904, where (3)=0.78(1).  Note: this primary (white/green) wave count remains valid for wave minute (2) of minor 3 above the minor 2 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 1 of major [5] completed at 3550. Minor 2 of major [5] completed at 3243. The minor 3 of major [5] wave up is underway with target of 3916, where minor 3 = 2.0*minor 1. Note: the alternate (blue) count remains valid for wave (2) of minor 3 above the minor 2 low at 3 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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