May 12th, 2022: SP-500, IWM and QQQ Chart Update
Posted by pugsma on May 12, 2022
6:20 pm EST: The SP-500 gapped down from 3935 to 3913, dropped to 3877, rose to 3965 (day’s high), dropped to 3859 (day’s low), and then rallied into the close to close at 3930.
Technical Analysis: Print SharpCharts from StockCharts.com
Market Comments:
- The SP500 came close to hitting it’s 38% Fibonacci retrace (3821) of P1-C3 and the QQQ and IWM both dipped slight below their respective 50% Fib retraces (186.82 and 170.08) of P1-C3. This is nice confluence of targets for the conclusion of P2-C3 per the primary (white/green) wave counts. However, there still slightly lower near-term targets shown the charts as per the alternate (blue) wave counts.
- Also, the SP-500 total loss from it’s Jan 4th peak at 4819 hit -19.9% at the low today of 3859 and the QQQ and IWM hit -30.3% losses from their peaks.
House Keeping: Tomorrow, is Friday and I won’t be making blog posts on Friday’s through Labor Day (Sept 5th). Also, next week I’ll be out of town in St Louis babysitting the grandkids. I’ll try to make a blog post or two from my sons-in-law computer.
Have a great weekend !
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart:
IWM 60-min chart:
IWM daily chart:
IWM weekly chart:
QQQ 60-min chart:
QQQ daily chart:
QQQ weekly chart:
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