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May 3rd, 2022: SP-500 Chart Update

Posted by pugsma on May 3, 2022

1:30 pm EST: The SP-500 opened flat from 4156, rose to 4177, dropped to 4152 (day’s low) and rallied to 4200…

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

  • SP500 BB Signal: On Monday, May 2nd the SP500 closed back inside its lower BB, triggering a SP500 Buy Signal.
  • VIX BB Signal: On Monday, May 2nd the VIX close back inside its upper BB, triggering step 2 of a SP500 Buy Signal. Step 3 (confirmation) would be a VIX red close on Tuesday, May 3rd.
  • NYMO: On Monday, May 2nd the NYMO confirmed a +DIV with the lower SP500 close at 4132 on Friday, April 29th.

Wave Counts: The primary (white/green) count is 60% probable, and alternate (red) count is 40% probable. 

  1. The primary (white/green) count is that P2-C3 completed at 4063, between the major [C]=0.78[A] target at 4088 and the major [C]=0.88[A] at 4017. The first minute wave (1) of minor 1 of major [1]-P3 is underway and should target the 4409 area.  Note: The primary (white/green) wave count is valid above 4063 and a break above 4370 is required to confirm the P2-C3 bottom at 4063 for 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 completed at 4063, just below the 1.62*minor 1 target at 4079. The minor 4 up should retrace to the 38% Fib area of 4234, 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:

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

9 Responses to “May 3rd, 2022: SP-500 Chart Update”

  1. pugsma said

    Drop from 4819 to 4063 (-15% over 117 days) Just a typical correction ( -14%, 133 days) so far;

    https://twitter.com/ryandetrick/status/1521525890785718284?s=21&t=vEIDSqcSn6CZUnm4WPE84g

  2. stevesumma said

    VIX red close $3.09 off 9.5%.

    Giddy? Or wait?

  3. kazoom1618 said

    May the 4th be with you!

    We could certainly use some light-speed action on SPX here…

  4. pugsma said

    Interesting bearish extreme data…

    https://twitter.com/jaykaeppel/status/1521857448277168128?s=21&t=NAKuK3BYCGkDgrfeluqBxw

  5. Michael Kalin said

    Bitcoin might hold the clues; holding up remarkably well and refusing to make new lows as compared to $SPX. Up strong today…. seems to lead the way these days.

  6. pugsma said

    The SP500 traced a potential wave i-ii of minute (1) up between 4177 (i) to 4152 (a) to 4200 (b) to 4147(ii). Set up for and explosive wave iii-(3) up is present on a break above 4200.

    Breaking back below 4147 would be bearish per at (red) count.

    • Anjali Tewari said

      Pls can you share upside tgt for SPX and QQQ – previous one crossed – holding short term option and trying to decide whether to hold into tomorrow

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