August 3rd, 2021: SP-500, IWM and QQQ Chart Update
Posted by pugsma on August 3, 2021
6:20 pm EST: The SP-500 opened flat from 4387, dropped to the day’s low at 4373, then rose all day to close on the high at 4423 (near the all-time high of 4430).
Note 1: Breaking below the listed key levels could signal the major [3]-P1-C3 top is in place per the primary (white/green) wave count:
SP-500 Ley Level: 4373 (closed at 4423)
IWM Key Level: 215.38 (closed at 220.86)
QQQ Key Level: 352.04 (closed at 366.81)
Note 2: Holding above these key levels and then breakout to new all-time highs will confirm the very bullish alternate (blue) wave count.
Market Technical Notes:
- NYMO: The NYMO closed up from -3 to near +6. The NYMO needs to close above zero (did this on Thurs July 29th and again today Aug 3rd) and then close above +20 to confirm a strong minor 3 impulse wave higher per the alternate (blue) wave count.
- VIX: The VIX down -7.3 % at 18.04.
- Chart Pattern: None.
- NYSE A-D Line Cumulative: The A-D Line cumulative is attempting to break-out to a new all-time high, which would confirm the very bullish alternate (blue) count. The A-D line cumulative last made a new all-time high along with the SP500 all-time high at 4394 in early July.
Seasonality: The SP-500 average year seasonality shows new all-time highs in late August then some chop in Sept-Oct, but is much higher at the end of the year.
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
IWM 60-min chart:
IWM daily chart:
QQQ 60-min chart:
QQQ daily chart:
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