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July 12th, 2021: SP-500, IWM and QQQ Daily Chart Update

Posted by pugsma on July 12, 2021

6:20 pm EST: Tonight I will focus only on the big picture daily charts for the SP500, IWM and QQQ. I will fill in the lower degree wave count details on the 60-min and 15-min charts tomorrow.

The best way to bring all three indices into proper wave count alignment between the primary (white/green) and alternate (blue) counts is shown below:

The key is that IF the IWM primary (white/green) count completed a bullish ascending triangle wave major [4] in May along with the SP500 expanded flat for major [4], then IWM move up and out of the triangle is going to drag the SP500 much higher into year end with continued limited pull-backs.

Conversely IF the IWM alternate (blue) count major [4] wave is still on going as flat or expanded wave, then the IWM is going to drag the SP500 lower into the fall in it’s major [4] wave.

As I have been noting in the comments section: 1) The NYSE A-D Line Cumulative has been negatively diverging with the new all-time SP500 price highs. 2) The NYMO has been trapped below the zero line with the new all-time SP500 price highs and 3) There is building negative on the daily and weekly chart RSI and MACD.

Thus, the technical conditions necessary for a major top (i.e. major [3] top per the alternate blue count) are present. However, the market can certainly keep pushing higher per the primary (white/green) count and remove those negative divergences in the coming days.

It’s a very interesting time in the market right now.

SP-500 daily chart:

IWM daily chart:

IWM Technical Analysis

QQQ daily chart:

QQQ Technical Analysis

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