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October 28th, 2021: SP-500 Chart Update

Posted by pugsma on October 28, 2021

5:00 pm EST: The SP-500 gapped up from 4552 to 4562, rose to 4593, traded sideways and closed on the high at 4596 (new all-time closing high).

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

20 Responses to “October 28th, 2021: SP-500 Chart Update”

  1. pugsma said

    Very simple now:

    Break above 4599 and the primary (white/green) with minute (4) or minor 1 complete at 4552 is correct. Also, works for a version of the alternate (blue) count with minor 4 low at 4552 in place.


    Break below 4552 and head to the 38% Fib at 4497 for the alternate (blue) minor 4 wave. Also, works for a version of the primary (white/green) count with the minute (4) or minor 1 low at 4497.

  2. Dave K said

    You wrote yesterday, “IWM wave count as labeled now invalid with the break below 224.95.” Do you think we may be back to looking higher now with today’s price jump & close at 228.11?

    • pugsma said

      The IWM wave count was revised EOD yesterday as a minor 1, 2 running flat to begin the major [5] wave headed to new all-time highs.

      • pugsma said

        This is one of several reasons why I think the SP500 may also already be in a minor 3 wave up as well. Pull-backs will be small.

  3. pugsma said

    Thus far with the days low at 4567, above Wednesday’s low at 4552, it looks like a triangle has formed for minute (4) of minor 1 of major [5]-P1. Triangle Measured move target is 4599 + (4599-4552) = 4646.

    Note a break below 4552 negates this triangle and targets 4497.

  4. pugsma said

    Be aware that on Thursday the CBOE Total Options Put/Call Ratio ($CBC) dropped to low level of 0.66.

    And the Equity Only ($CPCE) dropped to one of the lowest levels on record at 0.36.

    These types of low Put/Call ratio levels almost always preceded (by a few days to a week) a key market topping area.

    • pugsma said

      Rarely do they occur at the exact top, so the SP500 can still squeeze out a new high above 4599 next week.

      But they are very reliable warning signs that everyone is on one side (bullish) of the trade.

    • pugsma said

      It all fits very well with my call of a coming minor 1 top and and a significant minor 2 correction.

      • William Waggoner said

        As in your alternate count rather than your primary?

        • pugsma said

          Primary. Just look at my white labels for minor 1, minor 2 on the charts.

          • pugsma said

            But also it fits with well with the alternate (blue) count major [5]-P1-C3 top near 4650.

            The depth of the coming correction decides if it’s primary or alternate. Pull-back for minor 2 must hold above major [4] low at 4279 or else the P1 top is in place.

          • William Waggoner said

            Got it. Guess I was trying to parse whether the 155 point pullback qualified as significant. Thanks 👑

          • pugsma said

            Bulls need a good scare here soon and the $CPC and $CPCE data suggests they will get one.

  5. pugsma said

    Boohay! All-time new highs on SP500 and QQQ for this minor 1 wave as expected.

    • pugsma said

      What an October for us Bulls!

      Recall that Cobra stat from the beginning of October, that since September was a bearish engulfing candle that October would be very bullish with a profit factor of 9!!!

      Well, we got it baby! Congrats to us Bulls!

  6. pugsma said

    Cannabis ETF THCX looking interesting: THCX daily chart updated in 2021 CCA.

  7. pugsma said

    For the minute (4) triangle. d-(4) complete at 4604. Now e-(4) to hold above c-(4) low at 4568 to complete the wave (4) ascending triangle.

  8. pugsma said

    Watching the close on the NYSE A-D Line Cumulative today.

    Could close with a significant -DIV between the SP500 4599 peak on Tuesday and today 4604 peak.


    There are several key indicators now point to significant pull-back potential.

    4646 target could set be met by Nov 3rd, but it’s getting dicey…

  9. pugsma said

    My latest tweet. You already know this, but give the rest of the world a taste of my TA.


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