August 9th, 2021: SP-500, IWM and QQQ Chart Update
Posted by pugsma on August 9, 2021
6:10 pm EST: The SP-500 opened flat from 4436, quickly hit 4439, dropped to the day’s low at 4425, traded sideways and closed at 4432.
Key Index Levels to watch:
SP-500 Ley Level: 4373 (closed at 4429)
IWM Key Level: 215.38 (closed at 222.03)
QQQ Key Level: 352.04 (closed at 369.67)
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:
Note 2: Holding above these key levels and then breakout to new all-time highs will mean that alternate (blue) count is more like likely, however it could also simply the that the primary (white/green) count is extending a just little higher before breaking down below the key levels listed.
Market Technical Notes:
- NYMO: The NYMO closed down from +15 to near +5. The NYMO needs to close above zero (did this on Thurs July 29th and again Aug 3rd, 5th and 6th) and then close above +20 to confirm a strong minor 3 impulse wave higher per the alternate (blue) wave count. Thus, far there have been no NYMO closes above +20 since early July.
- VIX: The VIX closed up +3.5 % at 16.72.
- Chart Pattern: Double bottom at 4373 with a target of 4487 the close above 4430.
- 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. However, the A-D line cumulative last made a new all-time high along with the SP500 all-time high at 4394 in early July (2nd). Thus, there is a still a bearish negative divergence on the NYSE A-D Line cumulative vs the new all-time SP-500 high set today at 4440 set on Friday Aug 6th. Thus, until this -DIV clears the bearish primary (white/green) count calling for a major [4] drop to 4137 is still very much in play.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
IWM 60-min chart:
IWM daily chart:
QQQ 60-min chart:
QQQ daily chart:
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