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April 29th, 2021: SP-500 Chart Update

Posted by pugsma on April 29, 2021

12:45 pm EST: The SP-500 gapped up from 4182 to 4206, rallied immediately 4219 (day’s high) and then dropped to 4177 by mid-day.

The primary (white/green) wave count is that minor 3 of major [5]-P1-C3 likely topped today at 4219. Next is a minor 4 wave pull-back to the 23%/38% Fib targets of 4135 to 4080 is next. From there, one more push up for minor 5 to a minor 5=1 target of 4341 to 4396 to complete major [5]-P1-C3. The major [5]=0.62[1] target is 4368. Note: The minor 4 wave remains valid above the minor 1 high at 3984.

The alternate (blue) count is that major [3]-P1-C3 likely topped at 4219. Next is the major [4] wave pull-back to the 23%/38% Fib targets of 3931 to 3743. From there, one more push up from major [5] to a major [5]=0.62[1] target of 4388 to 4567. Note: breaking below the 3984 level invalidates the primary (white/green) wave count and confirms the alternate (blue).

The alternate (red) count is that P1-C3 topped at 4219. The P2-C3 wave should retrace to the 38% Fib target at 3464.

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

32 Responses to “April 29th, 2021: SP-500 Chart Update”

  1. pugsma said

    Note the -DIV on the MACD and RSI across all time frames from 60-min, 4-hr and daily.

    • sk001 said

      you are spot on Steve.. markets correcting today. Not good for people like me selling out of money-covered calls! Market maker is going to make money anyway – just when you thing you have it all covered!

      • sk001 said

        Update – I got out with only with a few bruises! Steve again I cant thank you enought for your insights – just knowing what to expect puts you in a great place while trading!

  2. pugsma said

    NAAIM Active Investment Manager Exposure hit 103% Today.


  3. MS53 said

    If you look at the ” SPX vs NYMO and Vix” chart in the left column of this page and review the time frame from Jan to Aug in 2010, when [4] of the previous P1 occurred, it shows a nice SPX rally of 15 % up to the late April high, Vix riding comfortably well below 20, and the NYMO putting up negatively divergences. I try to never let ” scenarios” get in the way of the reality of the charts in front of me, but I do like the blue. Why ? it makes me more money…lol, but also satisfies the cycle duration aspect versus previous cycle, it also makes [3] greater than [1]. But anyway, forge ahead and it will be interesting to see how this turns out !!

  4. pugsma said

    The SP500 went right down to the critical level (4176) it had to break to confirm the top at 4219 and it held at 4177. Now closing above 4191 sets up a continued move up to the rectangle target of 4264 = 4191 + (4191-4118).

    Viva Los Toros!

  5. pugsma said

    Booyah ! AMZN right up to my primary (green) count charts target of 3730. $$$

  6. pugsma said

    The lesson of 2021: QQQ >> ARKK

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