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April 21st, 2021: SP-500, IMW and QQQ Chart Update

Posted by pugsma on April 21, 2021

5:15 pm EST: The SP-500 gapped down from 4134 to 4131, quickly hit the day’s low at 4126, then mounted a big rally and closed near the near the high (4175) at 4173.

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

IWM 60-min chart:

IWM Technical Analysis

IWM daily chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

QQQ daily chart:

QQQ Technical Analysis

41 Responses to “April 21st, 2021: SP-500, IMW and QQQ Chart Update”

  1. pugsma said

    FYI: The SP500 ES futures have pulled back -9 to test the SP500 IHS neckline at 4163.

  2. pugsma said

    It’s been a busy morning updating F, DIS, AAPL and AMZN in the 2021 CCA Service.

  3. pugsma said

    IWM Zoom, Zoom ! 🙂

  4. hinge said

    Steve Why do some corrections get labeled ABC and others WXY ?

  5. pugsma said

    We are getting there by Friday’s close: IHS measures to 4208 should do it.

    Remember this Cobra stat from last Friday. Could have made you a lot $ buying the 4118 dip yesterday 😎

    Keep this Cobra stat in mind this week: SPY Up 4 weeks in a row the next week has 67% chances to close up and 82% chances to make a higher high. 67% chance to close above 4185 82% chance to make a higher than 4192.

  6. pugsma said

    IF IWM breaks above 226, then look out above!

  7. pugsma said

    QQQ is just now reach it’s small IHS neckline at 339.5 from it’s head low at 334.0. QQQ IHS Target is 345 area.

  8. pugsma said

    Here is a SNAP Daily chart into Earnings after the bell.
    A free chart for everyone; so take it for what its worth (probably zero lol).


  9. Jim Guthery said

    What do you make of this drop?

    • pugsma said

      Breaking to new lows on SP500 and QQQ simply means the minute (4) wave has not completed and the deeper targets are 4098 and 4063 come back into play.

      • pugsma said

        Those levels on QQQ are 332.74 and 328.28

        • Jim Guthery said

          Thanks, Steve. I will be happy when P3 arrives.

          • pugsma said

            This in its self is an astonishing comment.

            I guess being on the correct side a +90% gain on the SP-500 in a little over year is not enough.

            Prime exhibit of Investor/trader Sentiment is just too high.

          • pugsma said

            The next +100% gain during P3-C3 is going to be harder to trade and take 5+ years. Just look at the years 2011-2016 for the P3-C1 example.

            The markets are not typically as easy as this year has been.

          • Jim Guthery said

            Yeah, I did well out of the gate and then got caught in the small-cap rotation. I just gotta pay more attention. This wave has been giving me personal fits because the indices were masking the small-cap bear market.

          • pugsma said

            IWM (Russell-2000) is up 132% from its March 2020 bottom and up +10% for 2021. Its only off -5% from its peak in March 2021. Small caps are not in a bear market.

            I think what you are referring to is the speculative parts of the market like green energy, ARKK and SPACs. They are in bear market for their early 2021 over valued peaks.

          • pugsma said

            Many of those highly speculative, no profit companies, won’t ever have a “P3” wave up with the broader markets. They will have peaked early this year during a time when investors were throwing money at everything. It was likely a boom and bust cycle from many of them. A few bests of them will survive and grow.

          • pugsma said

            Picking the winners out of that group is not an easy task. Even Kathy Wood’s ARK funds will be chalk full stinkers. It remains to seen IF she can dump the stinkers and invest in the long term winners.

          • Jim Guthery said

            Yes, that is what I am referring to. Plus, I got in on the action late. Started playing the market in August. I have tripled my money thanks to your guidance. You are by far the best EW guy out there.

      • lauter1 said

        Could this be c wave of a triangle for (4), assuming the 4118 low holds?

  10. sk001 said


    Thanks so much for your guidance through the custom charts. Subscription costs for the service pay themselves in a few trades! Thanks again for eveything.

  11. pugsma said

    The SP500 is sitting at 4134 with the NYMO at -15.

    Tuesday’s close was 4134 with the NYMO at -28.

    So a SP500 close below 4134 with NYMO above -28 is a potential +DIV

  12. Robert Swaim said

    What are the chances of this going to 4098?

  13. pugsma said

    OT: Some info for those of us looking to escape the coming socialist USA.

    The Bahamas
    Enjoying the benefit of not having to pay income taxes in the Bahamas depends on residency, not on actually obtaining citizenship, making it one of the easier countries in which to access an income tax-free life. There is a minimum residency requirement for permanent residents of at least 90 days in order to qualify for the tax break, and expatriates may not stay in another country for more than 183 days.

    As Caribbean islands go, the Bahamas is one of the relatively less-expensive ones in which to live. Overall, the country has good infrastructure and services. The one area where services are considered a bit below par is the area of medicine. Many U.S. expats who have chosen to make the Bahamas home still travel back to the U.S. for significant medical care.

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