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May 13th, 2022: SP-500 Chart Update

Posted by pugsma on May 13, 2022

5:30 pm EST: The SP-500 gapped up from 3932 to 3963, rose to 4039 (day’s high), dropped to 3980 and closed at 4024.

Technical Analysis: Print SharpCharts from StockCharts.com

Market Comments:

  1. On Thursday, May 12th, the SP500 hit 3859 coming close to it’s 38% Fibonacci retrace (3821) of P1-C3 and the QQQ and IWM both dipped slightly 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 count. However, until the SP500 4068 level is breached above, there is still the possibility of the slightly lower near-term targets at 3821 to 3771 shown the charts as per the alternate (blue) wave count.
  2. Also, the SP-500 total loss from it’s Jan 4th peak at 4819 to it’s May 12th low at 3859 hit -19.9% and the QQQ and IWM hit -30.3% losses from their peaks. Thus, the SP-500 stopped just 0.1% shy of a -20% decline “Bear Market”.
  3. There is potential bullish Inverse Head and Shoulders (IHS) pattern on SP500 15-min chart with head at 3859, neckline at 4039, and measured move target of 4219.

House Keeping: 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:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

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