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November 29th, 2021: SP-500 Chart Update

Posted by pugsma on November 29, 2021

4:50 pm EST: The SP-500 gapped up from 4594 to 4629, quickly hit 4654, dropped to 4625, rallied most the day to a high of 4673 and closed at 4654.

SP500 vs NYMO and VIX Technical Conditions:

The primary (white/green) wave count is that minor 1 peaked at 4743 and a minor 2 wave down to 4585 was a 5-3-5 wave, single zig-zag. This first five wave drop to 4653 is the minute (a) or minor 2 wave. The minute (b) retraced to 4703, between the 50%/62% Fib at 4699/4707. Finally the minute (c) wave ended at 4585, just below where (c)=1.23(a) at 4592. The minor 3 wave up is now underway, with wave i-(1) of minor 3 reaching 4673. The minor ii-(1) wave should retrace to the 50% Fib at 4629 before the iii-(1) makes a new high above 4743. The initial minute (1) of minor 3 target is at 4800. Note: the primary (white/green) wave count remains valid above the minor 2 low at 4585.

The alternate (blue) count is that minor 2 will play out as a 3-3-3 double zig-zag. The first minute (w) zig-zag ended at 4585. The connecting minute (x) wave retrace to 4673 between the 50%/62% Fibs of 4664/4682. Now the minute (y) should drop to a new low below 4585, with targets at (y)=0.78(w)=4550 to (y)=(w)=4515. The 38%/50% Fib retrace area for minor 2 is 4559/4511. Note: The alternate (blue) count remains valid below 4743.

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

3 Responses to “November 29th, 2021: SP-500 Chart Update”

  1. pugsma said

    With the new lower, low of 4585 vs 4585, +DIV has setup on the RSI 60-min, 4-hr and daily charts on the SP500.

  2. pugsma said

    The VIX has a chance to close lower than on Friday, which would be a -DIV with a SP500 close below Fridays 4594 close. A VIX -DIV is a potential positive for the SP500.

    Unfortunately, the NYMO right now looks like it would make a lower close than on Friday, which would not be a +DIV.

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