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March 30th, 2022: SP-500, IWM and QQQ Chart Update

Posted by pugsma on March 30, 2022

1:20 pm EST: The SP-500 gapped down from 4631 to 4624, dropped to 4603, bounced to 4617…

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 vs 50-day: Aligned bullish with the 13-day EMA (4490) above the 34-day EMA (4438) and above the 50-day SMA (4411).

Wave Counts: The primary (white/green) count is > 85% probable and the old alternate (red) count with the P1-C3 top at 4819 is now < 15% probable and has been removed for the charts (A move below 4417 is required to bring this bearish alt (red) 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 to 1.78*minor 1 at 4696.  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)=1.38(1) target at 4644 or (5)=1.62(1) at 4676.  Based on minor reaching the upper target at 4696, the minor 4 wave should pull-back to a 23% Fib at 4572 and the minor 5=1 target is at 4875 (new all-time high) to complete major [1]-P3.  Note: This primary (white/green) wave count is valid as long as minor 4 remains above the minor 1 high at 4417.

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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