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February 11th, 2021: SP-500 Technical Analysis

Posted by pugsma on February 11, 2021

4:55 pm EST: The SP-500 gapped up from 3910 to 3915, quickly hit the days high at 3926, traded sideways, dropped to 3890 (days low) and then rallied all day to close on the high at 3917.

Market Technical Notes: 

  1. NYMO: The NYMO closed down near +30. This is the four consecutive close above the key +20 level (indicating tremendous underlying market breadth).
  2. VIX: The VIX closed down -3.37% at 21.25.  A VIX closed below 20 means a SP500 melt-up (like the Alternate blue count) is underway.
  3. Chart PatternBull Flag from 3871 to 3694 with at 4048 Target.
  4. 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 minor 5 of major [5]-P1-C3 is headed for the 4000 area. Note: The primary (white/green) count for the minute (4) for minor 5 wave as labeled remains valid above the minute (1) of minor 5 high 3643.

The alternate (blue) wave count is that minor 1 of major [5]-P1-C3 wave up is underway and headed for a target near 4000. The minor 2 wave should retrace to at least the 38% Fib at 3883, before minor targets 1.62*minor 1 at 4378. 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:

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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