February 12th, 2021: SP-500 Chart Update
Posted by pugsma on February 12, 2021
12:45 pm EST: The SP-500 gapped down from 3917 to 3912, quickly hit the days low at 3906, moved up to 3925 and then traded sideways.
Market Technical Notes:
- NYMO: The NYMO is flat near +20. There have been four consecutive close above the key +20 level (indicating tremendous underlying market breadth).
- VIX: The VIX is down -2.49% at 20.72. A VIX closed below 20 means a SP500 melt-up (like the Alternate blue count) is underway.
- Chart Pattern: Ascending Triangle between 3885 and 3932 with a target of 3979. Bull Flag from 3871 to 3694 with at 4048 Target.
- 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.
House Keeping: US Markets are closed on Monday, Feb 15th. Next blog update will be on Tuesday, Feb 16th.
Have a nice long weekend !
DJIA-30 Seasonality Post-US Election Years: [Aligns with Alt (blue) count)]
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP500 daily chart:
SP-500 weekly chart:
SP-500 monthly chart:
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