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January 5th, 2022: SP-500 Chart Update

Posted by pugsma on January 5, 2022

5:50 pm EST: The SP-500 opened flat from 4793, traded sideways most of the day and dropped sharply in the final 2 hours of trading to close at 4700.

Key Market Comment: It’s possible now that the P1-C3 top is in place at 4819 on January 4th, 2022. An important technical indicator here is that the NYSE A-D Line Cumulative $NYAD | SharpChart | StockCharts.com) that failed to make a new high along with SP-500 and is now rolling over hard. This is massive, nearly two month long negative divergence on a key market indicator of underlying strength. The NYSE A-D Line cumulative almost always negatively divergence significantly a key market top. This can corrective itself, however it going to take very broad market rally of all sectors per the primary (white/green) wave count, which is calling for wave iii-(3) of minor 3 move much higher.

Wave Counts: There are now three wave counts in place.

  1. The original primary (white/green) wave count is calling for a powerful bull wave iii-(3) of minor 3 to start soon and move much higher (5331) for a P1-C3 top sometime in the summer.
  2. A new alternate (blue) wave count that can squeak out one more slightly higher high that 4819 as an ending diagonal major [5]-P1. This new slightly, higher high will likely be below the 5000 level.
  3. A new alternate (red) wave count that has P1-C3 topped at 4819 and the P2 correction to a 38% Fibonacci retrace of P1 down to 3821. A break below 4495 would confirm this alternate (red) wave count.

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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