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January 14th, 2021: SP-500 Chart Update

Posted by pugsma on January 14, 2021

5:00 pm EST: The SP-500 price gapped up from 3810 to 3815, rose to the days high of 3824, traded sideways, then faded late in the day to 3793 and close at 3795.

Market Technical Notes: 

  1. NYMO: The NYMO closed up near +15.  The NYMO has struggled to re-gain and hold above the zero line since the dip to -32 before Christmas. 
  2. VIX: The VIX closed up +4.7% at 23.25.
  3. Chart Pattern:  Potential Inverse Head and Shoulders (IHS) with head at 3777, neckline at 3827 and a target of 3877.
  4. NYSE A-D Line Cumulative: The A-D line cumulative closed at a new all-time high today Thurs, Jan 14th with the SP500 closing at 3795 below its all-time close high of 3825, from Friday, Jan 8th. This is positive for short-term SP500 price action, which should lead to news highs above 3825.

The primary (white/green) wave count is that the minor 3 or major [5]-P1-C3 wave up is underway to a target at major [5]=[1] 3972. Minor 3 should target 3916, where minor 3 =2.0*minor 1. Wave minute (1) of minor 3 completed at 3646 and wave minute (2) at 3512. Wave minute (3) up competed at 3770, where (3)=0.62(1) target at 3767. The minute (4) wave low was at 3663, just below the 38% Fib at 3672. The minute (5) of minor 3 up to new all-time highs should be underway. Within minute (5), wave i ended at 3738, wave ii at 3705 and the wave iii=2.62*i target is 3855. Wave iv-(5) should correct to a 23% Fib at 3821 and then v-(5) will complete from 3896 to 3916. Note: The primary (white/green) count as labeled remains valid above the minute (4) low at 3663, but staying above the 3770 pivot now is important for the continuation rally to 3916.

The alternate (blue) is that major [3]-P1-C3 wave will top near the major [3]=1.62[1] target of 4003, where [3]=1.62[1]. Once major [3] completes, the major [4] targets are the 23%/38% Fibs at 3718/3533. Once major [4] completes, the major [5]=[1] targets are 4296/4481.

SP-500 5-min chart:

SP50 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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