December 8th, 2020: SP-500 Technical Analysis
Posted by pugsma on December 8, 2020
4:40 pm EST: The SP-500 price gapped down from 3691 to 3685, hit the days low at 3679 and rallied the days high of 3708 (new all-time high) and closed at 3702 (new all-time closing high).
Market Technical Notes:
- NYMO: The NYMO closed down near + fr40om +34 on Monday. The NYMO has been above 0 since late October, indicating an initiation impulse wave higher.
- VIX: The VIX closed down -2.9% at 20.68. 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. 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.
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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