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December 1st, 2021: SP-500 Chart Update

Posted by pugsma on December 1, 2021

6:25 pm EST: The SP-500 gapped up from 4568 to 4602, rose to hit 4653, then fell all day to close on the low at 4511.

The primary (white/green) count is that minor 2 of major [5]-P1-C3 will play out as a 3-3-3 double zig-zag. The first minute (w) zig-zag or minor 2 ended at 4585 on the drop from the minor 1 high at 4743 . The connecting minute (x) wave retraced to 4673 between the 50%/62% Fibs of 4664/4682. Now the minute (y) has dropped to a new low below the minute (w) low of 4585, with targets at (y)=(w)=4515 (white/green) to (y)=1.38(w)=4455 (blue). The typical 50%/50% Fib retrace area for minor 2 is at 4511/4454. 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-hour chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

12 Responses to “December 1st, 2021: SP-500 Chart Update”

  1. Sagar Patel said

    ZBT closes at 0.37 yesterday


  2. MS53 said

    Steve, do you have a price marker for wave 1 of this c wave ?

    • pugsma said

      I’m not at my computer to get the exact number but it’s up near 4630. Not particularly useful.

      If the SP500 decried to break 4510, it would be a third zig-zag down after this (x) wave up to hold below 4653.

      Breaking above 4653 is the key now to set the minor 2 low at 4505.

  3. orion.colorado said


    VIX working on Step 2, but it is early the day and things are still pretty unsettled. So, not much more than a “keep an eye on it” datapoint currently.

  4. pugsma said

    AAII Weekly Bullish Sentiment had dropped to 26%, the same level that helped set the early October major [4] low at 4279.


  5. pugsma said

    CBOE options Put/Call ratio $CPC closed last night at 0.99, a very elevated level.

    Now intra-day today it’s pushed higher to 1.08. Traders are loading up short on this bounce again.

    That’s rocket fuel IF the 4505 low holds and the SP500 pushes higher.


  6. Basil said

    Could you please, when you have time, update TSLA’s chart? thank you.

  7. Chand Ramlakhan said

    SNAP pretty much collapsed after hitting your target, do you see a turn up from here or more downside?

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