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June 21st, 2021: SP-500 Chart Update

Posted by pugsma on June 21, 2021

5:55 pm EST: The SP-500 gapped up from 4166 to 4173, rose steadily all day to a high of 4226 and closed at 4225.

Market Technical Notes: 

  1. NYMO: The NYMO closed up near -20 from -54 on Friday.  The NYMO has closed two consecutive days below its lower BB and on Friday it closed also closed below -40This set up a NYMO based, SP500 Buy signal on Friday. The NYMO closed back inside it lower BB today to confirm the SP500 Buy signal.
  2. VIX: The VIX closed down -13.6.6 % at 17.89.  The VIX closed below its upper confirming the first step of the VIX Based, SP500 Buy Signal. The final confirming step is a red VIX close tomorrow.
  3. Chart PatternNone.
  4. NYSE A-D Line Cumulative: The A-D line cumulative made a new all-time high along with the SP500 all-time high at 4257.

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]=0.62[1] target is at 4702 and major [5]=[1] at 5098. Within the major [5] wave, minor 1 wave completed at 4257 as a leading diagonal (LD). The minor 2 wave retraced to the typical 50% Fib at target of 4157. The minor 3 wave should target 2.62*minor at 4688 going into the end the year 2021. Within the minor 3 wave, the minute (1) wave should target 4257+.  Note: The primary (white/green) wave count as labeled remains valid for minor 2 of major [5] above the major [4] low of 4057.

The new alternate (blue) is that major [5]-P1-C3 completed as an ending diagonal (ED) at 4257.  The P2 wave to at least the 23% Fib retrace of 3782 (-11% correction) is just getting underway. The first minor 1 wave of major [A]-P2 completed at 4164. The minor 2 wave has retraced to 4226, just above the 62% Fib of 4222. Once the minor 2 wave completes, the minor 3 will drop below the minor 1 low of 4164. Based on minor 2 ending at 4226, the minor 3 =1.62*minor 1 target is 4075.  Note: The alternate (blue) wave count as labeled remains valid below the 4257 P1-C3 top and is confirmed on a break of the 4057 level.

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

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