May 17th, 2022: SP-500 Chart Update
Posted by pugsma on May 17, 2022
6:10 pm EST: The SP-500 gapped up from 4008 to 4052, rose to 4071, dropped to 4034, rose to the rest of day closed near the high of 4091 at 4089.
Technical Analysis: Print SharpCharts from StockCharts.com
Market Comments:
- The NYMO closed above the zero line at +24. Multiple NYMO closes above +20 are typical of new impulse wave higher.
- There is a now “triggered” (with the close above 4039) 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: This week I’ll be out of town in St Louis babysitting the grandkids. I’ll try to make a blog post (May 17th) or two (May 19th from my sons-in-law computer.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
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