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February 9th, 2022: SP-500 Chart Update

Posted by pugsma on February 9, 2022

2-9-22 EOD: The gapped up from 4521 to 4547, rose steadily all day to hit 4589 (day’s high) and closed at 4487.

Key Market Comment (2-9-22): Today has ushered in some significant changes in the primary wave count. The gap up and run higher cleared the down channel for the early January 4th high of 4819. This plus the strength of the NYMO above +20 and the VIX close below 20, indicate that the P2-C3 low is likely in place at 4223 from January 24th.

Technical Indicators: See this SP500 vs NYMO vs VIX Chart Link: Print SharpCharts from StockCharts.com

  1. NYMO: Closed higher at +29. Closes above +20 indicate a new bull impulse wave higher per the primary (white/green) wave count. 
  2. VIX: Closed down -6.9% a 19.96. VIX closes below 20 are typical in a new bull impulse wave higher per the primary (white/green) wave count. 

Wave Count Options: The primary (white/green) count is 90% probable.

  1. The primary (white/green) wave count is that P1-C3 topped at 4744 in late November and the P2-C3 wave played out as 3-3-5 expanded flat wave to the 23% Fib retrace of P1 at 4223. The P3-C3 wave is just in its very early stages and the first minor 1 of major [1]-P3-C3 wave reaching 4595. The minor 2 of major [1] wave retraced to the 38% Fib at 4451. Now the minor 3 wave up is headed for the 1.62*minor 1 target at 5054. Minute (1) of minor 3 should reach the 4665 area.  Within minute (1), wave i-(1) reached 4540, wave ii-(1) pulled back nearly 88% to 4465 and now iii-(1) should target 4609, where iii=1.62i. Note: This primary (white/green) wave count is valid above the 4451 low for minor and is confirmed on a break above 4595.

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:

SP500 Technical Analysis

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