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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

  1. 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.
  2. 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).

  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 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:

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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