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May 27th, 2021: SP-500 Chart Update

Posted by pugsma on May 27, 2021

7:05 pm EST: The SP-500 gapped up from 4196 to 4202, quickly hit 4213 and then faded most of the day to close at 4201.

The primary (white/green) wave count is that major [4]-P1-C3 ended at 4057 and played out as an expanded flat wave from mid-April to mid-May. This major [4] wave flat alternates with the major [2] zig-zag from June 2020. The major [5] wave up began from 4057 and the major [5]=0.50[1] target is at 4578. Within the major [5] wave, minor 1 wave completed at 4183 and the minor 2 was a deep retrace to 4061. The minor 3 wave up is underway with target at 4391, where minor 3 = 2.62*minor. Within the minor 3 wave, minute (1) completed at 4189 and minute (2) at 4152. The minute (3) wave up is underway with a (3)=1.62(1) target of 4359.  Note: The primary (white/green) wave count remains valid above the major [4] low at 4057.

Market Technical Notes: 

  1. NYMO: The NYMO closed up at +19 from +9 yesterday.  NYMO consecutive closes back above the zero line are bullish and help to confirm the primary (white/green) wave count.  NYMO closes above +20 are extremely bullish.
  2. VIX: The VIX closed down -3.6 % at 16.74. 
  3. Chart PatternConfirmed Bullish Double Bottom at 4061 with a target of 4305 on a break above 4183.
  4. NYSE A-D Line Cumulative: The A-D line cumulative has moved above the previous all-time when the SP500 closed at 4231 on Friday May 7th. This means that the SP-500 will very likely break above the 4231 closing high soon.

House Keeping: As I have done every year since starting this blog and service in October 2009, I take a break from posting new blog updates on Friday’s during the summer months in Chicago. We only get get about 3 months (June, July, August) of warm summer weather here and I love to be outdoors enjoying them. Beginning with Friday May 21st trough Friday September 3rd, there will not be a Friday blog post. Monday May 31st, is the USA Memorial Day Holiday. The US Markets will be closed. The next blog post will be on Tuesday, June 1st.

Have a great weekend !

SP-500 15-min chart:

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

SP-500 Monthly Chart:

SP500 Technical Analysis

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