February 4th, 2021: SP-500 Chart Update
Posted by pugsma on February 4, 2021
6:10 pm EST: The SP-500 gapped up form 3830 to 3837, and then rallied all day to close on the high at 3872 (new all-time high).
Market Technical Notes:
- NYMO: The NYMO closed up at +23. This is the first NYMO above the key +20 level (indicating tremendous underlying market breadth), since early December.
- VIX: The VIX closed down -4.98% at 21.77. A VIX closed below 20 means a SP500 melt-up (like the Alternate blue count) is underway.
- Chart Pattern: None.
- NYSE A-D Line Cumulative: The A-D line cumulative continues close with new all-time highs along with the SP500. There likely won’t be a significant top in the SP500 until the A-D line cumulative negatively diverges with respect to the SP-500 price.
The primary (white/green) wave count is that the minute (1) minor 5 of major [5]-P1-C3 is completing here near the 3871 pivot. A minute (2) retrace to at least the 38% Fib at 3804 should be next to be followed by a minute (3) wave up above 4000. The minor 5 of major [5] wave up should target minor 5=1 at 4035 . Note: The primary (white/green) count for the minor 5 wave up as labeled remains valid above the minor 4 low at 3694.
The alternate (blue) wave count is that minor 1 of major [5]-P1-C3 wave up is underway and headed for a target near 3950. The minor 2 wave should retrace to at least the 38% Fib at 3852, before minor targets 2.0*minor 1 at 4364. The major [5]=[1] wave targets is 4457. Note: the alternate (blue) count as labeled remains valid above the major [4] low at 3694.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.