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May 5th, 2021: SP-500, IMW and QQQ Chart Update

Posted by pugsma on May 5, 2021

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

24 Responses to “May 5th, 2021: SP-500, IMW and QQQ Chart Update”

  1. pugsma said

    The Bollinger Bands (BB) on the SP500 have constricted to less than 100 points (4116 to 4214).

    Considering the elevated level of 4165, that’s a construction just 2.3%. Thus, a big move is likely coming very soon to clear this condition.

    Primary (white/green) massive move up to 4350+

    Alt(blue) massive move down to 3939.

    Good luck traders!

  2. pugsma said

    There would be some really good buys at 3934 to 3724, IF we can get the alternate (blue) count major [4] to follow the year 2010 scenario.

    As I’ve been saying here since early April, I’m sitting in cash only day trading when the counts align (like the minute (1) and minor B wave up to 4187 from 4129).

    The key for me near a potential big topping area to preserve capital for the next great bull wave opportunity. I don’t trade the bear wave lower.

    • Rodney said

      You have mentioned that strategy before and recently. I have found it quite helpful in learning how to use EWT for investing / trading. It is perhaps your most important comment. So, thank you very much.

  3. pugsma said

    AAII Weekly Sentiment still only 23% Bears

    NAIIM at 104% long. Massive greed here.

  4. pugsma said

    IWM just broke Tuesday’s low and QQQ hit Tuesday’s low.

  5. pugsma said

    SP500 has a small head and shoulders top pattern with head at 4219, neckline at 4118 and target at 4017.

    Open weekly gap at 4020 to 4034.

  6. pugsma said

    The 2nd mouse grabbed the minute (2) pull-back for QQQ at 326.45 and SP-500 at 4147 and is now off and running attempting a critical break above 4187 opening the door to a move above 4219 per the primary (white/green).

    • pugsma said

      IWM also held above the critical 215.24 level touching 218.64 this morning.

    • pugsma said

      Everything held were it had today this morning on SP500, IWM and QQQ. Now the bulls are back in control to break this out above 4188 and 4219.

      • Sagar Patel said


        Pugsma said

        May 4, 2021 at 7:19 pm
        Don’t forget about this bullish short-term stat trigger on Thursday, April 29th:

        If you like bullish very short-term stats here is one for you. On Thursday the $NYSE closed up 5 days in a row with the $SPX close at 4211. Over the last 5 years this condition has led to the $SPX closing on average 0.9% higher than 4211, which is 4249, 31 of 33 times (94% probability). 4249 is a +2.0 gain from Tuesday’s 4164 close by Thursday, May 6th.

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