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May 1st, 2022: SP-500 Chart Update

Posted by pugsma on May 1, 2022

3:40 pm EST: The SP-500 gapped down from 4287 to 4261, dropped to 4238, rallied to 4270, then slid hard the rest to the day to 4125 and closed at 4132.

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

Wave Counts: The primary (white/green) count is 55% probable, and alternate (red) count is 45% probable. 

  1. The primary (white/green) count is that P2-C3 is near a completion and should slightly undercut the February 4115 low. The major [C]=0.78[A] target is at 4088 or right at the 4086 pivot area and the major [C]=0.88[A] target is at 4017 near the round number 4000.  Note: A break above 4370 is required to confirm the P2-C3 bottom of the primary (white/green) count.
  2. 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 at 4079 to 2.0*minor at 3978. 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 towards where major [C]=[A] target at 3933 and the 38% Fib at 3821 to complete P2.  Note: The alternate (red) count is valid below 4370.

SP-500 15-min chart (EOD 4-29-22):

SP500 Technical Analysis

SP-500 60-min chart (EOD 4-29-22):

SP500 Technical Analysis

SP-500 4-hr chart (EOD 4-29-22):

SP500 Technical Analysis

SP-500 daily chart (EOD 4-29-22):

SP500 Technical Analysis

SP-500 weekly chart (EOD 4-29-22):

SP500 Technical Analysis

SP-500 monthly chart (EOD 4-29-22):

SP500 Technical Analysis

3 Responses to “May 1st, 2022: SP-500 Chart Update”

  1. pugsma said

    IF the NYMO can close green today, it would confirm it’s +DIV with Friday lower low SP500 close at 4132.

    • pugsma said

      The NYMO +DIV along with the SP500 closing back inside its lower BB and VIX closing below its upper BB, works be a very solid SP500 Buy set up.

  2. pugsma said

    I just updated the AMZN chart in the 2022 Custom Chart Archive Service: https://pugsma.com/custom-chart-archive-2022/

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