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December 6th, 2021: SP-500 Chart Update

Posted by pugsma on December 6, 2021

4:55 pm EST: The SP-500 gapped up from 4538 to 4548, quickly hit 4570, dropped to 4540, then rallied the rest fo the day to a high of 4612 and closed at 4591.

Technical Conditions:

  1. VIX closed red today confirming step 3 of the VIX Sell, SP500 Buy signal. The is the best of the 3 SP500 Buy signal I track.
  2. The NYMO closed up near -30 from Friday’s -65. This shows good broad market strength. An NYMO above there zero line and eventually above +20 would confirm the break-out to new all-time highs above 4743.
  3. The $CPC (CBOE Total Put/Call Ratio) closed at an extreme 1.15 on Friday. $CPC closes above 0.90, particularly above 1.0, is typical of an important bottom (i.e. minor 2). The $CPC was down at 0.99 intra-day today.

The primary (white/green) count is that minor 2 of major [5]-P1-C3 played out as a 3-3-3 double zig-zag that ended at 4495. 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. The minute (y) drop completed at 4495, where (y)=(w), near the 50% Fib at 4511. This first 5-wave move up from 4495 to 4612 looks to have completed wave i-(1) of minor. There should be wave ii-(1) retrace to the 38%/50% Fibs of 4568/4554, followed by a wave iii-(1) up to a new all-time high above 4743. Minute (1) should target the 4800 area by the close year 2021. Note: The primary (white/green) count for minor 2 of major [5] remains valid above 4279, the major [4] low.

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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