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April 14th, 2022: SP-500 Chart Update

Posted by pugsma on April 14, 2022

5:45 pm EST: The SP-500 opened flat 4446, quickly hit 4460 (day’s high), then dropped all day to close on the low at 4392.

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

Wave Counts: The primary (white/green) count is 40% probable, the alternate (blue) count is 35% probable, and the alternate (red) count is 25% probable.

  1. The primary (white/green) count is that P2-C3 bottomed at 4115. The major [1] of P3-C3 wave up is underway, but in the very early stages. The minor 1 of major [1] wave reached 4637. The drop to 4381 was the minor 2 wave, that retraced to just above the 50% Fib area of 4376. The minor 3 wave up is just getting underway. The minor 3 = 1.62*minor 1 target is 5229.  Note: This primary (white/green) wave count is valid above 4381.
  2. The alternate (blue) count variant to the primary count is the minor 2 wave down will correct deeper to the to the 62% Fib area 4313. Note: The alternate (blue) count is valid above the P2-C3 low at 4115.
  3. The alternate (red) count is that the P2-C3 wave down is still ongoing. Major [A]-P2 ended at 4115 and the major [B]-P2-C3 topped at 4637. Now the major [C]-P2 wave down is headed toward the 38% Fibonacci retrace of P1-C3 at 3821. Within major [C], the first minor 1 wave completed at 4381 and now the minor 2 wave bounce end at 4460 just below 38% Fib of 4478. The minor 3 wave down is underway with a 1.62*minor 1 target it at 4045. There is a major [C]=[A] target at 3933. Note: The alternate (red) count is valid below 4630 and is confirmed on a break below 4115.

House Keeping: The markets are closed on Friday, April 15th for Easter Holiday. The next blog update will be on Monday, April 18th.

Have a great 3-day weekend!

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

3 Responses to “April 14th, 2022: SP-500 Chart Update”

  1. Russell Bailey said

    Have a great weekend Steve, great update. Next week will be interesting, supported by the probabilities here. 60% chance we go lower (either blue or red), higher than I expected.

  2. Nuno Reis said

    Hi Steve,
    On the daily chart ndx and sp , these last 3 days I think we are facing a bullish stick sandwich. if Monday we have a close above yesterday’s candle, we have our trend change.
    Thanks

  3. Sagar Patel said

    Steve, don’t know if my eyes are deceiving me but please confirm…I see a “quintuple” positive divergence on the 60 min MACD histogram … don’t remember ever seeing that before

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