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August 11th, 2021: SP-500 Chart Update

Posted by pugsma on August 11, 2021

5:15 pm EST: The SP-500 gapped up from 4436 to 4442, quickly hit 4449 (new all-time intra-day high), traded sideways and and closed at 4447 (new all-time closing high).

Key Index Levels to watch:

SP-500 Ley Level: 4373 (closed at 4447)

IWM Key Level: 215.38 (closed at 223.69)

QQQ Key Level: 352.04 (closed at 366.21)

Note 1: Breaking below the listed key levels would likely signal the major [3]-P1-C3 top is in place per the primary (white/green) wave count:

Note 2: Holding above these key levels with the current breakout to new all-time highs means 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: 

  1. NYMO: The NYMO closed up from +3 to near +20.  The NYMO needs to close above +20 (consecutive days) to confirm a strong minor 3 impulse wave higher per the alternate (blue) wave countThus, far there have been no NYMO closes above +20 since early July.
  2. VIX: The VIX closed down -4.4 % at 16.06.
  3. Chart Pattern: Double bottom at 4373 with a target of 4487 the close above 4430.
  4. 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 slight bearish negative divergence on the NYSE A-D Line cumulative vs the new all-time SP-500 high set today (Aug 11th) at 4447. Thus, until this -DIV clears the bearish primary (white/green) count calling for a major [4] drop to 4137 is in play, but that is fading quickly with the A-D Line above to break-out to new all-time highs.

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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