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March 2nd, 2022: SP-500, IWM and QQQ Chart Update

Posted by pugsma on March 2, 2022

7:00 pm EST: The SP-500 gapped up from 4306 to 4322, then rallied steadily all day to 4401 (day’s high) and closed at 4386.

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

  1. NYMO: The NYMO closed at +25. Several consecutive closes of the NYMO above +20 is often confirmation of a new bull impulse wave. So far since the early January high at 4819, only a single close of +20 has been registered in early February.
  2. VIX: The VIX closed at 30.74 back inside its upper BB. This is step 2 of a the 3 stop VIX Sell, SP500 Buy signal. A red VIX tomorrow is required for confirmation.

Wave Counts: The primary (white/green) count 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 wave reaching 4389, the 13-day EMA and down channel upper line area. The minor 2 pull-back ended just below the 38% Fib of 4285 at 4279. The minor 3 wave is underway with an initial target of 1.62*minor 1 at 4723.  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 towards the 62%/78% Fib targets of 4413/4484. Assuming the minor 2 ends at 4413, the minor 3 of major [C] wave target is at 3823, where minor 3 = 1.62*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

IWM 60-min chart:

IWM Technical Anaysis

IWM daily chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

QQQ daily chart:

QQQ Technical Analysis

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