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October 29th, 2021: SP-500 Chart Update

Posted by pugsma on October 29, 2021

4:25 pm EST: The SP-500 gapped down from 4595 to 4574, quickly hit 4568, then reversed and rose all day to close near the high (4608) at 4605.

Typical Indicators:

$CPC (CBOE Options Total Put/Call Ratio): When the $CPC reaches the 0.65 to 0.60 area, the $SPX tends to trade sideway (green) or have a significant correction (red). My $SPX wave count reflects this stall or drop during November before a strong December. My technical analysis agrees with possible run up to 4646 in early November. Then a stall or drop to hold around the 4526 to 4507 area before a move up to 4800 by year end 2021.

NYSE A-D Line Cumulative: Is showing a -DIV wrt the $SPX price highs of 4599 on Tuesday, Oct 25th vs 4608 on Friday, October 4608.

The primary (white/green) count is that the minor 1 of major [5]-P1 is underway and near completion from the major [4]-P1 low at 4279. Minute (1) of minor 1 completed at 4430. Minute (2) competed at 4330, just below the 62% Fib of 4335. The minute (3) completed at 4599, just above (3)=1.62(1) at 4575. Minute (4) pulled back to 4552, just above the 23% Fib at 4537. Minute (4) can also be viewed as an ascending triangle that completed today 4589 and targets 4646. The minute (5) wave is underway and should rise to the (5)=0.62(1) target at 4646. Note: The primary (white/green) wave count remains as labeled remains valid above the minute (4) of minor 1 low of 4552. Breaking below 4552, will mean that minor 1 topped and the minor 2 wave pull-back is underway.

The alternate (blue) count has minor 1 of major [5]-P1-C3 completed at 4430 and minor 2 complete at 4330. The minor 3 wave is underway and nearing completion that should target the minor 3 = 2.0*minor 1 at 4632. The minor 4 wave should retrace to the 38% Fib at 4526. Finally the minor 5=1 target is 4677 and the major [5]=0.5[1] target is at 4800. Note: The alternate (blue) wave count for a minor 4 correction remains valid above the minor 1 high of 4430.

Have a great weekend !

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

SP-500 monthly chart:

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