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June 28th, 2021: SP-500 Technical Analysis

Posted by pugsma on June 28, 2021

4:35 pm EST: The SP-500 gapped up from 4281 to 4288, dropped to 4175 and rallied to hit a new all-time high of 4292 and closed at 4290 (new all-time closing high).

Market Technical Notes: 

  1. NYMO: The NYMO closed down from -1 to near -20.  The NYMO 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 up +0.9 % at 15.76.
  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 slightly below its June 15th all-time high with the SP-500 closing a new all-time high of 4290. This is a negative divergence and needs to be cleared.

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 4164, near the typical 50% Fib target of 4157. The minor 3 wave up is underway 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 4356.  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 major [3] anywhere from the June 24th high at 4271 to 4402 in July/Aug.

House Keeping: Quarterly Subscribers will need to make a payment for Q3-2021 (July-September) Premium to remain with the service past Wednesday June 30th. PUG SMA Shop: » Shop PUG Stock Market Analysis, LLC | Technical Analysis Blog (pugsma.com)

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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