April 1st, 2022: SP-500 Chart Update
Posted by pugsma on April 1, 2022
3:25 pm EST: The SP-500 gapped from 4530 to 4540, quickly hit 4549 (day’s high), dropped to 4508 (day’s low) and then traded sideways…
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 vs 50-day: Aligned bullish with the 13-day EMA (4500) above the 34-day EMA (4448) and above the 50-day SMA (4412).
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 (Note: A move below 4417 is required to bring this bearish alt (red) wave count back to the charts with a > 30% probability).
- The primary (white/green) wave count is that P2-C3 bottomed at 4115. The major [1] of P3-C3 wave is underway with minor 1 of major [1] reaching 4417. The minor 2 pull-back ended near the 88% Fib (4151) at 4158. The minor 3 wave ended at 4637, where minor 3 = 1.62*minor 1 =4646. The minor 4 wave has reached 4508, which is in the 23%/38% Fib target area of 4527 to 4455. The minor 5=1.23*minor 1 target is at 4879 (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.
Have a great weekend !
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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