March 12th, 2021: SP-500 Chart Update
Posted by pugsma on March 12, 2021
5:15 pm EST: The SP-500 gapped down from 3939 to 3924, dipped to 3915 and rallied to close at a new all-time closing high of 3943.
Market Technical Notes:
- NYMO: The NYMO closed up near +40. That’s two consecutive NYMO closes above +20 for confirmation of the major [4] low at 3723 and a major [5] wave higher.
- VIX: The VIX closed down -5.6% at 20.69. Need to see the VIX close below 20 to see a grinding major [5] wave higher.
- Chart Pattern: Potential Bull Flag between 3950 and 3723 with a target of 4177.
- NYSE A-D Line Cumulative: Continues to make new all-time closing highs along with the SP-500.
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. Within wave minute (3), the wave iii=1.62i target is at 4013. Note: The primary (white/green) count as labeled remains valid above the minute (2) low at 3819.
The alternate (blue) wave count is that minute (3) of minor 1 completed at 3960 and minute (4) at 3915. The minute (5)=(1) target to complete minor 1 is at 4000.
Have a great weekend !
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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