March 24th, 2022: SP-500 Chart Update
Posted by pugsma on March 24, 2022
5:40 pm EST: The SP-500 gapped up from 4456 to 4470, rose steadily all day to close on the high at 4520.
Technical Indicators: See the SP500 vs NYMO vs VIX Chart Link: Print SharpCharts from StockCharts.com
- Chart Pattern: Notice there is potential bullish IHS pattern on the SP-500 targeting 4865, a new all-time new high. There is also a potential bullish IHS pattern on the QQQ and potential bullish double bottom pattern on the IWM. Closing above the recent highs, would trigger these patterns.
- 13-day EMA vs 34-EMA: The 13-day EMA (4401) closed above the 34-day EMA (4398) for the first time since the SP-500 top at 4819 in early January 2022.
Wave Counts: The primary (white/green) count is > 80% probable and the alternate (red) count is now < 20% probable and has been removed for the charts (A close below 4417 and the 4394 pivot area is required to bring this bearish wave count back to the charts).
- 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 wave up is underway and the first target area is minor 3 = 1.62*minor 1 at 4646. Within minor 3, minute (3) ended at 4522, where (3)=2.62(1) and the minute (4) wave retraced to 4456 near the 23% of 4439. Wave minute (5) of minor 3 up is underway to (5)=(1) target at 4592 or (5)=1.62(1) at 4676. The minor 4 wave should pull-back to a 23% Fib at 4533 and the minor 5=1 target is at 4835 (a all-time new high) to complete major [1]-P3. Note: This primary (white/green) wave count is valid above 4115.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
SP-500 monthly chart:
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