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December 3rd, 2021: SP-500 Chart Update

Posted by pugsma on December 3, 2021

4:55 pm EST: The SP-500 gapped up from 4577 to 4590, quickly hit the day’s high of 4609, fell most of the day to a low of 4495 and rallied to close at 4538.

Technical Conditions:

  1. VIX closed a 2nd day back inside its upper BB, but did not close below yesterdays close. Thus the VIX Sell, SP500 Buy step 3 was not confirmed today. However, since the VIX remained below its upper BB today, the step 3 can be confirmed with a red VIX close on Monday, Dec 6th.
  2. The NYMO closed down near -65 from yesterdays -50 but above the -87 close on Wed, Dec 1st when the SP500 closed at 4511. Strictly speaking this is not a NYMO +DIV vs SP500 since the SP500 closed at 4538 above the Dec 1st close of 4511. However, with the new intra-day SP500 low at 4495 along the intra-day NYMO never approaching -87, it can be considered a positive for future SP500 price movement higher. It shows underlying broad market support during today’s new intra-day SP500 low.
  3. The $CPC (Put/Call Ratio) closed at 1.08 on Dec 2nd and was at 1.15 intra-day today. $CPC closes above 0.90, particularly above 1.0, is typical of an important bottom (i.e. minor 2).

The primary (white/green) count is that minor 2 of major [5]-P1-C3 will play out as a 3-3-3 double zig-zag. The first minute (w) zig-zag or minor 2 ended at 4585 on the drop from the minor 1 high at 4743 . The connecting minute (x) wave retraced to 4653. Now the minute (y) drop likely completed today as it reached the (y)=(w) target at 4495 (white/green labels), near the 50% Fib at 4511. IF the SP500 breaks below 4495 early next week, there is also a potential triple zig-zag alt (blue) count that could reach the (z)=(w) target of 4451, near the 62% Fib of 4455. Note: The primary (white/green) or alt (blue) count for minor 2 of major [5] remains valid above 4279, the major [4] low.

Have a great weekend !

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

SP-500 weekly chart:

SP500 Technical Analysis

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