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February 24th, 2022: SP-500 Chart Update

Posted by pugsma on February 24, 2022

5:05 pm EST: The SP-500 gapped down from 4225 to 4156, dropped quickly to 4115, then rose steadily all day to 4295 (day’s high) and closed at 4289.

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

  1. NYMO: The low close on Jan 27th, 2022 for the SP500 closed at 4326 with the NYMO at -89. The SP500 closed lower on Wed 2-23-22 at 4225 with NYMO close at -52. This is a big, month-long potential +DIV on NYMO vs the SP500. The green NYMO close near -35 today 2-24-22 confirmed it!
  2. VIX: The VIX closed above 32 on Jan 27th with the SP500 close at 4326. On Wed 2-23-22 the VIX closed slightly below 32 with the SP500 closing lower at 4225. This is a potential -DIV on the VIX wrt to the SP500, which is potential bullish setup. The red VIX close today 2-23-22 confirmed it!

Wave Counts: The primary (white/green) is 75% probable, and the alternate (blue) count is 25% probable. 

  1. The primary (white/green) wave count is that P2-C3 bottomed at 4115. The P3-C3 wave is just in its very early stages with the first minor 1 of major [1]-P3-C3 for the 4425 area.  Note: This primary (white/green) wave count is valid above 4115 and is confirmed on a break above 4595.
  2. The alternate (blue) 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 4115. The minor 2 wave is underway and should retrace to the 50%/62% Fib at 4355/4413. Then minor 3 of major [C] is headed below 4115 to a target at 3875, where minor 3 = minor 1.  Note: This alternate (blue) wave count is valid below 4595 and is confirmed on a break below 4115.

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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