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December 17th, 2021: SP-500 Chart Update

Posted by pugsma on December 17, 2021

6:30 pm EST: The SP-500 gapped down from 4668 to 4653, dropped quickly to the days low of 4600, rallied to 4666 and closed at 4621.

Technical Conditions (Mixed):

NYSE A-D Line Cumulative: The A-D Line is very close to breaking the early December low and then the September low, which would signal that this is indeed a major [4] correction per the alternate (blue) count. Link: $NYAD | SharpChart | StockCharts.com

McClellan Oscillator: The NYMO did put in a potential +DIV divergence today vs Tuesday (-23 vs -42) with the SP500 closing lower at 4620 vs 4634. This NYMO setup is supportive of a primary (white/green) wave count wave minute (3) of minor 3 rally to new highs. Link: Print SharpCharts from StockCharts.com

Wave Counts:

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 and the minor 3 of major [5] wave up is underway towards 5000+. The minute (1) of minor 3 wave completed at 4713. The minute (2) or minor 3 wave completed near the 50% Fib at 4600. Wave minute (3) of minor 3 is underway and will break above 4743 headed toward 4953, where (3)=1.62(1). Note: The primary (white/green) count for minor 3 of major [5] remains valid above the minor 2 low 4495 and is confirmed on a break above 4743. However breaking below 4600 would be a warning sign.

The alternate (blue) count is major [3]-P5-C3 peaked 4743 and a major [4] wave is currently unfolding. The drop from 4743 to 4495 was minor A of major [4] and move up from 4495 to 4732 minor B of major [4]. The minor C wave of major [4] should target at least C=A at 4484. Note: The alternate (blue) count is confirmed on a break below 4495.

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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