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April 28th, 2022: SP-500 Chart Update

Posted by pugsma on April 28, 2022

1:35 pm EST: The SP-500 gapped up from 4183 to 422, dropped to 4188 (day’s low), rallied to 4284…

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

Wave Counts: The primary (white/green) count and alternate (blue) count combination that this current move lower will end in the area of the 4115 February low (either slightly above or slightly below) is 60% probable, and alternate (red) count the P2-C2 low will reach at least 3823 or lower is 40% 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 large drop to 4163 is the minor 2 wave, that has retraced to just below the 88% Fib at 4178. The minor 3 wave up should target minor 3 = 1.62*minor 1 at 5009. Within minor 3, the minute (1) of minor 3 wave target is the 4413 area.  Note: The primary (white/green) wave count is valid above 4115.
  2. The new alternate (blue) count is that the P2-C2 wave down is near a completion and it will slightly undercut the February 4115 low. The major [C]=0.78[A] target is at 4088 or right at the 4086 pivot area. Note: A break above 4370 will invalidate this alternate (blue) count in favor of the primary (white/green) count.
  3. The alternate (red) count is that the P2-C3 wave down is still ongoing and will target at least the 38% Fib of P1 at 3821 (maybe lower to the 50% Fib at 3506). Within the P2 wave, major [A] ended at 4115 and the major [B] wave topped at 4637. Now the major [C] wave down is headed towards at least the 38% Fibonacci retrace of P1-C3 at 3821. Within major [C], the first minor 1 wave completed at 4370 and the minor 2 wave bounce hit 5212, just above 50% Fib at 4504. The minor 3 wave down is underway and should target 1.62*minor 1 target it at 4079. Once minor 3 ends near 4079, the minor 4 should retrace to the 23%/38% Fib area of 4179 to 4244, before the final minor 5 drops lower that 4079 towards where major [C]=[A] at 3933 to complete P2.  Note: The alternate (red) count is valid below 4370.

House Keeping: I’m beginning my usual summer schedule (a little early) of not making a blog post on Fridays from now (April 29th, 2022) until after Labor Day (Sept 5th, 2022). Having lived in Chicago for nearly 30 years enduring the cold fall/winter/spring, it’s important to get outside and enjoy the nice summer weather on the long 3-way weekends.

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

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