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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

12 Responses to “June 10th, 2021: SP-500 Chart Update”

  1. pugsma said

    With the new SP500 all-time high, you can clearly observe the building -DIV on the weekly MACD and RSI momentum indicators. The SP500 price action is clearly losing momentum up here…

  2. ssandysc said

    When convenient, any update on AMZN? Thank you.

    • pugsma said

      AMZN was updated June 2nd in the Custom Chart Archive Service. There is nothing new in the price action that would change that update.

  3. ssandysc said

    Missed that one. Thanks.

  4. Abiodun Adeyale said

    Please is there an update in Palantir and BYND . Thanks

  5. Alonso Quixano said

    Thanks for that June 2 BYND update! I was about to sell at 108 for a loss and your update helped me to hold on indicating bottom was near and now here we are off to a good start with Major 3, back in the black!

  6. pugsma said

    Got to love a week where the SP500 closes at a new all-time closing high!

    God Bless The Feds free money! God Bless the USA! 😎

    • sk001 said

      God Bless Steve for the excellent analysis and keeping us all on the right side. Thank you Steve as always. Have a nice weekend.

  7. pugsma said

    Updated ARRK, PLTR and Z charts in the 2021 CCA.

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