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February 18th, 2022: SP-500 Chart Update

Posted by pugsma on February 18, 2022

1:40 pm EST: The SP-500 opened flat from 4380, dipped to 4368, rose to 4394 and then drop steadily to 4327…

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

The low close on Jan 27th, 2022 was at 4326 with the NYMO at -89. SP500 closes below 4326 with NYMO closes above -89 would setup a potential +DIV.

Wave Count Options: The primary (white/green) is 67% probable, and the alternate (red) count is 33% probable. 

  1. The primary (white/green) wave count is that P2-C3 bottomed at 4223. The P3-C3 wave is just in its very early stages with the first minor 1 of major [1]-P3-C3 wave reaching 4595. The minor 2 of major [1] wave is playing out as a zig-zig to the 78%/8% Fib retrace area at 4305/4268. This minor 2 wave is a low re-test. There is double top at (4595, 4590) with a target at 4307.  Note: This primary (white/green) wave count is valid above 4223 is confirmed on a break above 4595.
  2. The alternate (red) wave count is that P2-C3 is ongoing as major [A]-[B]-[C] zig-zag correction to the 38% Fib retrace of P1 near 3821. The major [A]-P2 wave completed at 4223. The major [B]-P2 wave was a 62% Fib retrace at 4595. Now major [C]-P2 is now headed low towards a target of major [C]=[A] at 3999. Within major [C], wave minor 1 ended at 4365. The minor 2 wave retraced to near the 50% Fib at 4490. Now minor 3 of major [C] is headed to a target at 4117, where minor 3 = 1.62*minor 1.  Note: This alternate (red) wave count is valid below 4595 and is confirmed on a break below 4223.

House Keeping: The US Stock Markets are closed Monday, Feb 21st for the President’s Day Holiday. Next blog update on Tuesday, February 22nd.

Have a great 3-day weekend !!!

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

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