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April 27th, 2020: SP-500 Chart Update

Posted by pugsma on April 27, 2020

2:40 pm EST:   The SP-500 gapped up from 2836 to 2855, and rose to 2878 by mid-day.

The primary (green) count is that minor 4 of major [1]-P1-C3 completed as an expanded flat at 2727.  The minor 5 wave of major [1] is underway that should end above 2879 to complete major [1].   Wave minute (1) of minor 5 completed at 2845 and minute (2) retraced nearly 50% to 2792.  Wave minute (3) should target 2983, where (3)=1.62(1).  There is a measured move target at a 3031, where 2879 + (2879-2721).  This primary (green) count is valid above the 2727 minor 4 low.

SP-500 5-min chart:

SP500 Technical Analysis

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

44 Responses to “April 27th, 2020: SP-500 Chart Update”

  1. pugsma said

    Does anyone like the extra work I’m doing lately on the 60-min charts of QQQ and IWM?

    I trade mostly UPRO, TQQQ and TNA, so I find it useful for my own trading.

  2. aka2106 said

    I think the extra work is amazing. More than anything I think it tempers those of us looking to “rush” these waves as you can see the leading and lagging indicators as either confirming or warning.

  3. pugsma said

    Small Caps really needed a big up day today to confirm the bullish 5-wave move up off the March 23rd Cycle 2 low and right on schedule did they ever deliver!

  4. pugsma said

    • pugsma said

  5. aka2106 said

    Steve – given how strong the move has been the past week or so do you think we could be set up for another SP500 pop higher based on what IWM is doing combined with the sentiment?

    • pugsma said

      I’m confused by your question. My count is calling for a 153 point (+5.3%) move up from 2878 to 3031.

      • aka2106 said

        Apologies. I meant from more of a micro (next few days) standpoint. There have been a few instances recently in which you have called for a very aggressive short term pop. I was more curious if you had a lean towards one of those or a bit hard to tell here. Thanks

  6. pugsma said


  7. pugsma said

    So ES futures point to an opening at 2910 this morning.

    Year 2019 ended at 3231.

    The drop to the March 23rd low ended at 2192 a -32% loss from 3231.

    The rise from the 2192 low to 2910 is a +32% gain!

    PUG Wave called this move up almost to perfection. I trust most of you made a nice return on the this move up.

    If you would have followed the majority market analysis, you would have gone to cash at the first move up to 2637, as they were calling for a re-test of 2192 and even 2000. God forbid you went short at 2647 or even at 2447 when the whole world was scared new lows were coming.

    • pugsma said

      This is my SP-500 60-min chart from April 1st with the price at 2476. I was so confident that the SP500 was headed to at least 2856 that I did not even show an alternate wave count!

      • wbart21 said

        Thank you!Once again on your own with this call. Absolutely remarkable & reminiscent of your ’08/’09 666 to new highs call!

    • Bill S. said

      Yes, been minting money since rejoining the service. Thanks!… The reason I joined was because I saw your free chart you posted on Twitter and you were the only analyst out there that confirmed my own sentiment based analysis that was showing historical levels of bearishness among the “dumb money” which argued for a massive rip higher.

  8. pugsma said

    The German DAX just made a new recovery high this morning confirming its bullish impulse 5th wave up off its low.

    A global synchronized cyclical bull market begins…

  9. pugsma said

    The SP500 is likely to open within a stones throw (20 handle) of the 62% Fib (drop from 3394 to 2192) at 2937.

    • aka2106 said

      Incredible calls Steve. Amazing how the fast several weeks seem “obvious” in hindsight given the map you gave us

  10. pugsma said

    Today’s 2921 high is just above the minute (3) =(1) = 2910.

    Other minute (3) of minor 5 targets:

    (3) = 1.23(1) = 2937
    (3) = 1.38(1) = 2955
    (3) = 1.62(1) = 2983

  11. pugsma said

    Always remember that major wave tops are a process not an event.

    The SP500 price is like bounce around in the 2872 to 2941 pivot area for a week or more into early May.

    • pugsma said

      That said ( with the break of the 38% fib at 2872) it’s beginning to look like minute (3) of minor 5 may have ended at 2879 yesterday and the consolidation below 2879 was minute (4). Today’s burst to 2921 this morning was them minute (5) to complete minor 5 of major [1].

      Still could see a re-test of 2921 in this scenario as a wave (2) of minor A of major [2].

  12. R Swaim said

    fwiw – TSLA has completed a nice 5 wave rise with alternation.

  13. pugsma said

    Late last April (year 2019) the SP-500 peaked at 2954, then spent nearly 5 months (until late September 2019) between 2729 and 3028.

  14. pugsma said

    The concerning thing about the drop from 2921 to 2862 is that I see 9 waves down, which is a potential bearish impulse wave lower for minute (1) of minor A of major [2].

  15. pugsma said

    Darn those CNBC Investors and Economists sure are expecting a boring next year and 8 months in the SP500.

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