May 6th, 2021: SP-500, IWM and QQQ Chart Update
Posted by pugsma on May 6, 2021
12:15 pm EST: SP500, IWM and QQQ held the critical levels (4129, 215.24, and 324.20) so far today. Now the bulls have a chance to break about to new all-time highs per the primary (white/green) counts if the SP500 can break above 4188, IWM above 224.54 and the QQQ above 333.14. Conversely IF the critical levels break, then the alternate (blue) wave count is underway. Very key time here in the markets here the next few days.
It should be noted the the SP500 and QQQ Daily Charts have a significant -DIV on the RSI and MACD with the new all-time highs set in mid-April. Those daily RSI and MACD momentum indicators are rolling over and accelerating lower. This agrees with the Alt(blue) and Alt (red) wave counts, even if the SP-500 attempts a slightly higher, high than 4219.
SP-500 15-min chart:
SP-500 60-mim chart:
SP-500 daily chart:
IWM 60-min chart:
IWM daily chart:
QQQ 60-min chart:
QQQ daily chart:
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