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March 8th, 2021: SP-500 Chart Update

Posted by pugsma on March 8, 2021

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

23 Responses to “March 8th, 2021: SP-500 Chart Update”

  1. pugsma said

    Today Sp500 drop from the 3881 high to 3819 low was a 38% Fib of the 3723 to 3881 move. That could be it for the minute (2) retrace.

    The bulls can’t really afford anything below the 50% Fib at 3802. Below there the market liquidation would likely begin in earnest and could take the SP500 to the 3588 pivot area for a much deeper 38% Fib major [4] wave.

    Important next day or two.

  2. Bill Shepler said

    Wild stat:

    Today > 13% of NYSE issues made new 52 week highs which is a very large and fairly rare “show of strength”.

    In my entire historical database going back 55 years this has occurred on 203 prior days with today being the 204th instance.

    Here’s the mind blowing part…

    In the prior 203 instances of New Highs >13% of NYSE issues, SPX closed the day above it’s 10 day MA in 100% of those instances. All 203. Until today where it closed below.

    In the prior 203 instances of New Highs >13% of NYSE issues, 5-day RSI for SPX closed > 50 in 100% of those instances. All 203. Until today where it closed below.

    So, basically the market is doing something now that has NEVER been seen before in 55 years of daily data.

    What does it mean? Not sure, but I suspect it reflects the level of extreme bifurcation in this market with a handful of Tech / Momentum former darlings crashing while the majority of stocks are blasting off to new highs. I guess the question is does Tech / Momo crash soon infect the rest of the broader market causing all to drop (red count) or is the tech crash overdone and the bleeding stops allowing the major indices to catch up to the broader market upside break out (white count).

    With the kind of extreme never before seen level of bifurcation we saw today the answer should be close at hand.

  3. MS53 said

    Could this be wave (1) at the previous target area ?

  4. pugsma said

    No failure allowed now for the bulls. Take to the streets and trample the bears.

  5. pugsma said

    FYI the intra-day NYMO is just now moving above the zero line.

  6. pugsma said

    FYI the intra-day NYSE A-D Line Cumulative is very close to a new all-time high.

  7. pugsma said

    Spock: Ship out of Danger?
    Kirk: Yes!

  8. pugsma said

    New highs expanding = bullish


  9. Russell Bailey said

    Very timely update on TSLA yesterday in custom charts, Thank you for all they great analysis

  10. pugsma said

    Wow the market shock lose a lot of bulls last Thursday with NAAIM down to 65.

    I was going from 1X (100) to 2X (200) as they were dropping to 0.65X (65). I love being contrarian. 🙂


  11. pugsma said

    This Elliott Wave Practitioner actually has nearly 50K followers and he’s calling for the SP500 to move to his 2000 target.

    I have 5K followers and I’m calling for 4500, 3800, then 7000+


  12. pugsma said

    Really long-term secular bull markets.


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