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June 22nd, 2021: SP-500 Chart Update

Posted by pugsma on June 22, 2021

8:30 pm EST: The SP-500 opened flat from 4224, dipped to 4217 and then rallied all today to hit 4256 and close at 4246.

Market Technical Notes: 

  1. NYMO: The NYMO closed up near -21 from -25 on Monday.  The VIX needs to close above zero and then close above +20 to confirm a strong minor 3 impulse wave higher per the primary (white/green) wave count.
  2. VIX: The VIX closed down -6.9 % at 16.66.  Yesterday the VIX closed below its upper confirming the first step of the VIX Based, SP500 Buy Signal. Today the VIX closed red and was the final confirming step of the VIX based SP500 Buy Signal.
  3. Chart PatternBull Flag with a target of 4419.
  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 back on June 15th. The A-D line cumulative is now well below its June 15th all-time high with the SP-500 near 4257. This is a negative divergence.

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 above 4164 the minor 2 of major [5] low.

The new alternate (blue) is that major [3]-P1-C3 is extending to the major [3]=1.38[1] target at 4402.  Once the major [3] wave ends near 4402 in July/August, there will be a major [4] correction to the 23%/38% Fib retrace area at 4072 to 3856 into Sept/Oct before the major [5]-P1 wave extends to near 5000 into the spring of 2022. Note: The alternate (blue) count is free to end anywhere from the June 15th high at 4257 to 4402.

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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