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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

    https://stockcharts.com/h-sc/ui?s=%21BINYBT&p=D&b=5&g=0&id=p32123590350&a=427381773&r=1604930894355&cmd=print

  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

    Morning…

    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.

    https://www.aaii.com/sentimentsurvey/sent_results

  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.

    https://twitter.com/hmeisler/status/1466443819650588687?s=21

  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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