February 10th, 2022: SP-500 Chart Update
Posted by pugsma on February 10, 2022
2-10-22 EOD: The gapped down from 4587 to 4553, hit 4530 shortly after the open, rose quickly to 4589 (day’s high), then slid the rest of the day to 4482 (day’s low) and closed at 4504.
Key Market Comment (Wed, 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
- NYMO: Closed lower at +3. The NYMO closed at +29 on 2-9-22. Closes above +20 indicate a new bull impulse wave higher.
- VIX: Closed up +19.8% a 23.91. The VIX closed at 19.96 on 2-9-22. VIX closes below 20 are typical in a new bull impulse wave higher.
Wave Count Options: The primary (white/green) count is 60% probable, and the alternate (blue) count is 40% probable.
- 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 is playing out as a running flat to the 38% Fib area at 4454. Minute (a) of minor 2 ended at 4451, minute (b) retraced 4590 and now minute (c) will target 4446, where (c)=(a). Note: This primary (white/green) wave count is valid for minor 2 of major [1]-P3 above the 4223 P2 low is confirmed on a break above 4595.
- The alternate (blue) wave count variant of the primary, is that the minor 2 wave will reach lower to the 50%/62% Fib retrace area of 4409 to 4364. There is a (c)=1.23(a) target at 4412 and (c)=1.62(a) target at 4358. Note: This primary (blue) wave count is valid for minor 2 of major [1]-P3 above the 4223 P2 low is confirmed on a break above 4595.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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