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May 3rd, 2021: SP-500, IWM and QQQ Technical Analysis

Posted by pugsma on May 3, 2021

4:30 pm EST: The SP-500 gapped up from 4182 to 4192, hit the day’s high at 4209 and drifted lower to 4188 and closed at 4193.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

34 Responses to “May 3rd, 2021: SP-500, IWM and QQQ Technical Analysis”

  1. pugsma said

    FYI it looks like the NYSE A-D Line Cumulative made a new all-time closing high today with the SP500 closing lower at 4192 vs 4212 on Thursday, April 29th. That is +DIV and likely means the SP-500 is about to resume moving above the 4212 closing high and above the intra-day high of 4219. This could mean that the 4175 low is it for minor 4 (primary (white/green).

    https://stockcharts.com/h-sc/ui?s=%24NYAD&p=D&yr=0&mn=6&dy=0&id=p79963311521&a=386872354

    The QQQ is close to its minimum 23% Fib retrace of 334.66 for minor 4 (primary (white/green).

    The IWM is close to its minimum 50% Fib retrace of 223.10 for minor 2 (primary (white/green).

    • pugsma said

      However even with this potentially bullish NYSE A-D line +DIV, it’s still possible that there will one more quick intra-day drop to Sp500 4135 first to complete minor 4, as shown.

    • Jim Guthery said

      Wouldn’t that be awful shallow of a retrace for a minor 4?

      • pugsma said

        As I stated, the QQQ has almost done enough for a typical minor 4 at 23% Fib and IWM has almost done enough for a typical minor 2 at at 50% Fib.

        The SP500 (and DIA) has consistently been stronger than either QQQ or IWM since the major [4] low in March.

        • Jim Guthery said

          Excellent call from the weekend, Steve. Took an extra day but looks like it arrived!

  2. kazoom1618 said

    May the 4th be with you!

  3. pugsma said

    The level to watch in QQQ is 324.20.

    That’s were the wave minor 4 would overlap minor 1 in the QQQ primary (white/green) count as labeled.

    The equivalent on the SP500 is the minor 1 high at 3984.

    Thus, QQQ might give an early warning sign (below 324.20) that this is major [4; wave per the alternate (blue) count.

  4. pugsma said

    The 2nd mouse is waiting.

  5. pugsma said

    OT: Any subscribers mining BTC or ETH? I just upgraded my crypto mining rig to the NVIDIA GeForce RTX 3090 GPU and the mining rates are so good. Been working hard on VRAM heat sinking to keep those chips below 100C.

    It was very hard to source the 3090 GPU. But I finally got a good deal.

    • fintechworklab said

      Yes. Open or closed rig? Need good airflow. I have a bunch of 1080tis and 2070s and they are all profitable. I typically run low power (59-70%) and overclock a bit. Way more efficient. Using Afterburner to tweak.

      • fintechworklab said

        Here are my settings:

        Power limit: 60%
        Temp limit: 66%
        Core Clock: +125
        Mem Clock: +400

        This is for a 2070 Super. Different settings work best for different algos, miners and gpu makes. You’ll likely have to tweak and experiment a bit to find what gives best hash/kwh.

      • pugsma said

        Normally closed, but open mining rig right now as I’m experimenting with the heat sinks on the 3090 graphics board.

        I’m using MSI Afterburnner to slightly under-clocking the memory and running 85% power to hold down the VRAM temps below 100C.

        It good to hear that you are making profit on a 1080ti.

        • fintechworklab said

          During the 2018-2019 bear it was very unprofitable, all of them. That said, the bear is a great time to mine and to pick up cheap gear if not looking to dump for USD.

    • Teck Ng said

      Sir a good time to incorporate regular BTC wave counts? 🙂

  6. droc14 said

    https://stockcharts.com/h-sc/ui?s=%24NYAD&p=D&yr=0&mn=6&dy=0&id=p32152966307&a=269536931&r=1450045167343&w=990&w=990&w=990&cmd=print

    Close below SPX 4181.17 and NYAD above -10.08 would produce a + divergence of NYAD and SPX.

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