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May 24th, 2021: SP-500 Chart Update

Posted by pugsma on May 24, 2021

1:05 pm EST: The SP-500 gapped up from 4156 to 4170, then rallied to 4203…

The primary (white/green) wave count is that major [4]-P1-C3 ended at 4057 and played out as an expanded flat wave from mid-April to mid-May. This major [4] wave flat alternates with the major [2] zig-zag from June 2020. The major [5] wave up began from 4057 and the major [5]=0.50[1] target is at 4578. Within the major [5] wave, minor 1 wave completed at 4183 and the minor 2 was a deep retrace to 4061. The minor 3 wave up is underway with target at 4391, where minor 3 = 2.62*minor.  Note: The primary (white/green) wave count remains valid above the major [4] low at 4057.

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

SP-500 weekly chart:

SP500 Technical Analysis

22 Responses to “May 24th, 2021: SP-500 Chart Update”

  1. pugsma said

    Clarity and simplification. 🙂

    • pugsma said

      All three index SP500, QQQ and IWM are aligned in the primary (white/green) count and in a minor 3 of major [5]-P1 wave to new all-time highs.

  2. pugsma said

    The SP500 closed at 4231 on May 7th, the same day the NYSE A-D Line cumulative made a new all-time high.

    Today, May 24th the NYSE A-D cumulative looks like it will close at a new all-time high with the SP500 potentially closing below the May 7th close of 4231. Thus, a SP500 move above 4231 (4238 intra-day) is nearly 100% assured soon.

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

    • pugsma said

      The NYSE A-D Line Cumulative did indeed close at new all-time high above the May 7th close when the SP500 closed at 4231 (May 7th) vs 4197 (today).

      That’s bullish confirmation that new highs above 4231 (closing) are due very soon.

  3. pugsma said

    We should also see the $CPC (CBOE Options total put/call) collapse at the close today, further breaking the bears back.

  4. pugsma said

    ARKK clearly smashed thorough the $107 neckline of my bullish IHS call from last Thursday, May 20th.

    It’s good to be King!

    https://pugsma.com/wp-content/uploads/2021/05/ARKK-15-min-5-20-21.jpg

  5. pugsma said

    Remember that a SP500 close above 4183 confirms the 4057, 4061 double bottom with target of 4183 + (4183-4061) => 4305

    • sk001 said

      thanks Steve.. did not realize you posted this update. I kept checking the previous update and was waiting for the bull call confirmation! Thanks for the great call as always.

  6. pugsma said

    Here are my rough Upside Targets:

    SP500:4578 (+9.0% from 4197 today)
    QQQ: 362 (+8.0 from 333 today)
    IWM: 341 (+9.0% from 221 today)

  7. Jeffrey Robinson said

    Gap over gap (double gap) at 411-412 on SPY will be filled, so long side is risky and will be short-lived. Every close has been sold lately. June is one of the worst months of the year to own stocks. Bulls shouldn’t be doing any kind of victory dance yet. It’s all short premium on the way up and will be fun on the way down.

  8. pugsma said

    Unfortunately the NYSE A-D Line cumulative just updated after 6pm EST and it barely missed a new all-time closing high at 192,422 vs 192,600 on May 7th.

    Still needs a all-time new closing high to fully confirm a new SP500 closing high above 4231 is next.

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

  9. pugsma said

    NYMO close at +10. First positive close since May 7th.

    NYMO closes are very bull wave constructive. However closes above +20 are needed to show bull wave strength (ie line for a minor 3 wave up).

    https://stockcharts.com/h-sc/ui?s=%24NYAD&p=D&yr=0&mn=9&dy=0&id=p32152966307&a=269536931&r=1450045167343&cmd=print

  10. pugsma said

    $CPC did collapse further to 0.76, down from 1.07 last Wednesday.

  11. pugsma said

    I see 5 small waves up from 4152 to 4213. That is likely wave i-(3) of minor 3 completed. Now a wave ii-(3) that will retrace 50% to 4183 and must hold above the wave (2) low of 4152.

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