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June 10th, 2021: SP-500 Chart Update

Posted by pugsma on June 10, 2021

6:40 pm EST: The SP-500 gapped up from 4220 to 4228, quickly hit 4250, dripped to 4220 and then rose to close at 4239. Today’s intra-day high of 4250 broke the May 7th intra-day all-time high of 4238 and today’s close of 4239 broke the all-time closing high of 4231 for May 7th.

Market Technical Notes: 

  1. NYMO: The NYMO closed down at +18 from +23 yesterday.  This is first close below the key +20 level in 8 days. It will take a NYMO break below the zero line to become more concerning.
  2. VIX: The VIX closed down -10.0 % at 16.10. 
  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 continues to make new all-time highs along with the SP500.

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 4313, where minor 3 = 2.0*minor 1. Within the minor 3 wave, minute (4) completed at 4168 and minute (5) is underway headed for 4313. Once minor 3 completes at 4313, the minor 4 wave should retrace to at least the 23% Fib at 4255.  Then the final minor 5 wave will head for the minor 5=1 target of 4381 to complete major [5]-P1-C3. Note: The primary (white/green) wave count as labeled remains valid above the minute (4) low of 4168.

The new alternate (blue) is that the minor 4 wave of major [5]-P1-C3 completed as and ascending triangle at 4219 and the final minor 5 wave up to a triangle target of 4306 is underway to complete the major [5]-P1-C3 wave. Note: The alternate (blue) wave count as labeled remains valid above the minor 4 low of 4219. A break below 4219 would begin to confirm the major [5]-P3-C1 top is in place. However a break below 4168 would be needed for full confirmation.

Have a great weekend !

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

SP-500 weekly chart:

SP500 Technical Analysis

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