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March 10th, 2021: SP-500 Chart Update

Posted by pugsma on March 10, 2021

4:45 pm EST: The SP-500 gapped up from 3874 to 3892, rose all to hit a high at 3917 and then faded slightly to close at 3899.

Market Technical Notes: 

  1. NYMO: The NYMO closed up near +20.   Need to see NYMO close above +20 again for confirmation of the major [4] low at 3723 and a major [5] wave move above 3950.
  2. VIX: The VIX closed down -6.1% at 22.56.  Need to see the VIX close below 20 to see a grinding major [5] wave higher.
  3. Chart PatternPotential Bull Flag between 3950 and 3723 with a target of 4177.
  4. NYSE A-D Line Cumulative: Today March 10th, the A-D line cumulative closed with a new all-time high along with the SP500 close at 3898 vs the previous A-D line all-time high with the SP500 close of 3936 on Feb 12th. This is positive divergence on The A-D line vs SP500 and means that with a high probability the SP500 close above the 3936 closing high of Feb 12th.

The primary (white/green) wave count is that minor 1 of major [5]-P1-C3 wave in underway with target of 3177. The minor (1) wave completed at 3881 and minute (2) at 3819. The minute (3) wave target is where (3)=1.62(1) at 4075.  Note: The primary (white/green) count as labeled remains valid above the minute (2) low at 3819.

The alternate (blue) wave count is a variation of the primary wave count that has minute (1) of minor 1 completed at 3917 and next is a minute (2) wave down to the 38%/50% area of 3843/3820.

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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