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March 17th, 2021: SP-500 Chart Update

Posted by pugsma on March 17, 2021

4:25 pm EST: The SP-500 gapped down from 3963 to 3950, hit a low at 3936, rose to a new all-time high at 3984 and closed a new all-time closing high of 3974.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-mim chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

6 Responses to “March 17th, 2021: SP-500 Chart Update”

  1. pugsma said

    Wave (4) could become a triangle between 3936 and 3984.

  2. pugsma said

    Also, IWM and QQQ have both already corrected -3.0% and -2.7% from their respective recent highs.

    • Partagas said

      Might the Quad witching that is putting distortion. I am looking for mid 4000s next week. I am not convinced we have seen the short-term high yet.

    • lauter1 said

      QQQ currently showing a possible 3 wave move into 315 on 15 min chart

  3. Denali92 said


    I just checked the data on large down days on the day before option expiry. There have been 37 Thursdays before opex Friday that have been down 1.2% or more. This is 13% of all option expiry periods. There is NO EDGE in the data. There are lots of bottoms, but also quite a lot of early opex week tops. (Like the Sept-20 Opex Wednesday top that resulted in a 6.8% decline in to the fall low.)

    The really severe falls did see bottoms on Opex Day (nov-08 down 8.0% the day before) or the Monday post opex (Aug 2011 down 4.5%), but in these instances, the market had been declining for some time and the SPX was near its lower weekly bollo.

    I could not see anything in the data that showed declines from all time highs or weekly highs that might provide an edge.


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