February 2nd, 2022: SP-500 Chart Update
Posted by pugsma on February 2, 2022
8:15 am EST: Here is quick SP-500 chart update, pre-market.
The SP-500 is coming into a zone on the daily chart where the falling 34-day EMA at 4572 and the falling 50-day SMA at 4629 could provide resistance to end the major [X]-P2 wave of the primary (red) wave count. The 62% Fib retrace is at 4593 as well. It will take a break below the leading diagonal high at 4451 to get major [Y]-P2 count rolling towards to new lows below 4223.
However, if the SP-500 can clear this area of 4572 to 4629, then new all-time highs for the alternate (blue) count are likely. Also, multiple NYNO closes above +20 would help to support this very bullish wave count with an impulse wave to new highs to begin the early P3-C3 wave.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
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