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March 23rd, 2022: SP-500, IWM and QQQ Chart Update

Posted by pugsma on March 23, 2022

5:45 pm EST: The SP-500 gapped down from 4511 to 4493, quickly hit 4474, rose to 4496 (day’s high) and fell to close at 4456.

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

  1. NYMO: The NYMO closed near +60 after closing at +69 on Friday. Thus, there is a -DIV on the NYMO with Tuesday’s new SP500 closing high at 4511 vs 4463 on Friday.
  2. The SP500 60-min chart is showing -DIV on the MACD and RSI with Tuesday’s move higher.
  3. A decent size pull-back in the SP500 is underway.
  4. Chart Pattern: Notice there is potential IHS pattern on the SP-500 targeting a new all-time new high. There is also a potential bullish IHS on the QQQ and potential bull double bottom pattern on the IWM. Breaking above the recent highs, would trigger the patterns.

Wave Counts: The primary (white/green) count is 70% probable and the alternate (red) count is 30% 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 4417. The minor 2 pull-back ended near the 88% Fib (4151) at 4158. The minor 3 = 1.62*minor 1 target is at 4646. Within minor 3, minute (3) ended at 4522, where (3)=2.62(1) and now a minute (4) wave to a 23% of 4439, before minute (5) reaches the minor 3 4646 target. The minor 4 wave should pull-back to a 23% Fib at 4533 and the minor 5=1 target is at 4835 to complete major [1]-P3.  Note: This primary (white/green) wave count is valid above 4115.
  2. The alternate (red) wave count is that P2-C3 is ongoing as major [W]-[X]-[Y] double zig-zag correction to the 38% Fib retrace of P1 near 3821. The major [W]-P2 wave completed at 4115. The major [X]-P2 wave is likely headed for the 50% to 62% Fib retrace area at 4467 to 4551 and may have toped at 4522. There is a C=1.23A target of 4529 and C=1.38A target of 4574 to complete major [X]. Once major [X]-P2 wave is complete, the final major [Y]-P2 wave will head for 3821.  Note: This alternate (red) wave count is valid below 4819 and is confirmed on a break below 4115.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

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