December 4th, 2020: SP-500 Chart Update
Posted by pugsma on December 4, 2020
1:00 pm EST: The SP-500 price gapped up from 3666 to 3671, and rose to 3693.
Market Technical Notes:
- NYMO: The NYMO intra-day is near +60. The NYMO has been above 0 since late October, indicating an initiation impulse wave higher.
- VIX: The VIX intra-day is down -2.4% at 20.76. The VIX should drop below 20 to confirm the minor 3 of major [5]-P1-C1 wave to the 3994 target.
- Chart Pattern: None.
- NYSE A-D Line Cumulative: The A-D line cumulative continues to make new highs each day, which is extremely bullish. 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 [5]-P1-C3 wave up is underway that should target 3994, where minor 3 =2.23*minor 1. Wave minute (1) of minor 3 completed at 3646 and wave minute (2) at 3512. Wave minute (3) up underway with (3)=(1) target at 3924. The major [5]=[1] target is 3972 to complete P1-C3.
The alternate (blue) count is that major [5]-P1-C3 in nearing completion at the major [5]=0.62[1] target of 3707. Minor 4 of major [5] was a triangle wave with a target of 3713 to complete minor 5 of major [5]. Once P1 completes the P2 wave should retrace at least to the 38% Fib at 3131 into the spring of 2021.
Have a great weekend !
SP-500 5-min chart:
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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