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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: 

  1. NYMO: The NYMO is flat near +20.  There have been four consecutive close above the key +20 level (indicating tremendous underlying market breadth).
  2. 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.
  3. Chart PatternAscending Triangle between 3885 and 3932 with a target of 3979. Bull 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.

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)]

DJIA-30 Seasonality

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

SP-500 monthly chart:

SP500 Technical Analysis

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