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December 7th, 2020: SP-500 Chart Update

Posted by pugsma on December 7, 2020

5:05 pm EST:  The SP-500 price gapped down from 3699 to 3695, traded sideways all day, dropped to the day’s low at 3679, then rallied to close at 3691.

Market Technical Notes: 

  1. NYMO: The NYMO closed down near +35 from +55 on Friday. The NYMO has been above 0 since late October, indicating an initiation impulse wave higher.
  2. VIX: The VIX closed up +2.4% at 21.30. The VIX should drop below 20 to confirm the minor 3 of major [5]-P1-C1 wave to the 3994 target.
  3. Chart PatternNone.
  4. 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. Within minute (3), wave i ended at 3629 and wave ii at 3544. Wave i-(3) is underway with at target at 3860, where iii=2.62*i.  The major [5]=[1] target is 3972 to complete P1-C3. Note: The primary (white/green) count remains valid above the wave ii-(3) low at 3544.

The alternate (blue) count is that major [5]-P1-C3 is completed at 3699 or is 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.

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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