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November 30th, 2021: SP-500 Chart Update

Posted by pugsma on November 30, 2021

4:15 pm EST: The SP-500 gapped down from 4654 to 4640, quickly hit 4619, rallied to 4646, dropped to 4560 and closed at 4568.

The primary (white/green) count is that minor 2 will play out as a 3-3-3 double zig-zag. The first minute (w) zig-zag ended at 4585. The connecting minute (x) wave retraced to 4673 between the 50%/62% Fibs of 4664/4682. Now the minute (y) should drop to a new low below 4585, with targets at (y)=0.78(w)=4550 (white/green) to (y)=(w)=4515 (blue). The 38%/50% Fib retrace area for minor 2 is 4567/4511. Note: The primary (white/green) count remains valid above 4279, the major [4] low.

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

19 Responses to “November 30th, 2021: SP-500 Chart Update”

  1. pugsma said

    The VIX did make a lower closing low than Friday, setting a -DIV with the lower SP500 close today.

    This is a potential positive for a SP500 bottom of minor 2.

  2. Jim Guthery said

    Do you have a potential (P2) ALT Red count that may be developing?

    • pugsma said

      For a new cyclical bull market (C3), the first peak (P1) typically occurs 3 to 12 months AFTER the first Fed rate hike.

      The Fed is currently scheduled to end QE in June 2022 with the first rate hike sometime AFTER QE ends.

      That puts the P1-C3 top timing in September 2022 to June 2023 window.

  3. dgs said

    Steve, do you feel yesterday low was the end of minor 2 and now we are moving up in minor 3

  4. Robert Warmington said

    Steve, can you update the GOOG chart for me ? Thanks

  5. Robert Warmington said

    Thanks, looks like a bottom …..

  6. Alan W said

    Did I miss an updated SP500 post? I see the 12/1 post for IWM & QQQ. Also, no comments since yesterday? Seems strange.

  7. Alan W said

    Thanks, it doesn’t show up on my list. I logged out and back in, but still does not appear. However, I can access it from your link.

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