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April 12th, 2021: SP-500 Chart Update

Posted by pugsma on April 12, 2021

5:15 pm EST: The SP-500 gapped down from 4128 to 4125, dipped to 4115, traded sideways and closed flat at 4128

Market Technical Notes: 

  1. NYMO: The NYMO closed down near +20 from +24.  The NYMO as been drifting lower from a +33 peak 4 trading days ago. This is a negative divergence with the SP500 price closes.
  2. VIX: The VIX closed up +1.3% at 16.91.  
  3. Chart PatternNone.
  4. NYSE A-D Line Cumulative: The A-D line has been flattening and closed slightly lower.

The primary (white/green) wave count is that minor 3 of major [5]-P1-C3 is headed for the 4277 target, where minor 3=1.62*minor 1. There should then be a minor 4 of major [5] shallow pull-back to the 23% Fib at 4180 followed by minor 5 rally to the major [5]-P1 top at 4441, where minor 5=1. Ultimately, major [5] should reach the 4500 area in a late summer 2021 and can not exceed 4764 so as major [5]<[3], since major was [3]<[1].

The alternate (blue) wave count is that major [3]-P1-C3 is head for the major [3]=1.23[1] target at 4246. From there a major [4] pull-back to the 32%/38% Fib targets of 3951/3759 to be followed by a major [5] wave to a P1 top in the spring of 2022, where [5]=[1] at 4800 to 4992.

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

13 Responses to “April 12th, 2021: SP-500 Chart Update”

  1. hmeda said

    Steve, why did major[3] blue gain 100 points? I thought we were almost there at 4145.

  2. Sagar Patel said


    “162 % Fib extension of Covid Plunge”

  3. pugsma said

    No matter Primary or alt blue, there is 94% probability that year 2021 ends up 18.4% at 4448.


  4. pugsma said

    The SP500 has been correcting using time, not price each time it has exceeded it’s daily BB. That is extremely bullish behavior.

    • pugsma said

      With this type of behavior, Cobra showed a stat last night that had a 65% (11 of 17) probability of a much, much more up side immediately ahead for a month+ (primary count).

  5. pugsma said

    JETS chart updated in 2021 CCA.

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