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May 1st, 2020: SP500, QQQ and IWM 60-min Charts:

Posted by pugsma on May 1, 2020

12:30 pm:  The SP500 gapped down from 2912 to 2869, and dropped to 2825 by mid-day.

We potential major [1]-P1-C3 tops (green labels) across the SP500 (2954), QQQ  (120.04) and IWM (136.65).  This would mean a several weeks to a couple months pull-back for the respective major [2] waves.   I’d expect the SP500 ad QQQ to only retrace to the 38% Fib’s (2664 and 199.10).  The IWM will likely retrace to the 62% Fib at 111.39.

Alternatively (blue labels) all three are holding their respective lower up channel lines and could make new highs for major [1] into mid-to-late May.  This alternate (blue) count would be particular satisfying, as it would continue to work off the excessive bearish sentiment.

Have a great weekend !

SP500 60-min chart:

SP500 Technical Analysis

 

QQQ 60-min chart:

QQQ Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

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