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April 8th, 2021: SP-500, IMW and QQQ Chart Update

Posted by pugsma on April 8, 2021

11:40 am EST: The SP-500 price is nearing the bull flag target of 4114 and is becoming extremely stretched above it’s key moving averages. AAII Bullish Sentiment is stretched to historical levels are nearly 3 to 1 (Bulls to Bears). A pull-back of some degree is likely soon. For the primary (white/green) wave count it will only be a minute (4) of minor 3 of major [5]-P1-C3 pull-back and minor 3 will climb much higher to at the minor 3=1.62*minor 1 target of 4277. For the alternate (blue) wave count it will be minute (4) of major [3]-P1-C3 pull-back, the final pull-back before the major [3]-P1-C3 peak at 4114 to 4145 and significant major [4] correction to at least the 23% Fib at 3874. Remember that ultimately the alternate (blue) count is more bullish that the primary (white/green) wave count, as it will allow P1-C3 to climb higher into year 2022.

It’s still possible that years 2009-2011 scenario could play out here with a major [3]-P1-C3 top at the 4114 to 4145 area (see comparison below) then a significant major [4] correction to at least the 23% Fib at 3874 into June (alt blue count). The significant weakness in the IWM vs SP500/QQQ could be a early warning sign.

House Keeping: I’m headed out of town for a long weekend. The next blog post will be Monday, April 12th.

Years 2009-2011 to 2020-2022 Comparison:

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

IWM 15-min chart:

IWM Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

IWM daily chart:

IWM Technical Analysis

QQQ 15-min chart:

QQQ Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

QQQ daily chart:

QQQ Technical Analysis

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