May 20th, 2022: SP-500 Chart Update
Posted by pugsma on May 20, 2022
6:25 pm EST: The SP-500 gapped up from 3900, quickly hit 3943 (day’s high), then slid lower most of the day to 3810 (day’s low), before rallying in the final hour to hit 3903 and closing at 3901.
Technical Analysis: Print SharpCharts from StockCharts.com
- NYMO: The NYMO has formed a +DIV between the May 12th closing low of 3932 and Thurs/Fri closing lows at 3900/3901.
- NYSE A-D Line Cumulative: There is positive divergence between the May 12th closing low of 3932 and Thurs/Fri closing lows at 3900/3901. This typical of +DIV on the NYSE A-D Cumulative often occurs a key bottom.
- VIX: The VIX has formed a -DIV between the May 12th closing low of 3932 and Thurs/Fri closing lows at 3900/3901.
Wave Counts:
- The primary (white/green) count has the P2-C3 low at 3810 today, right at the 38% Fibonacci retrace of P1-C3. The first minor 1 wave of major [1]-P3-C3 should target the 4315 area over 6 weeks to 2 months. The minor 3 of major [1]-P3 wave should make a new high above 4819 near years end and that major [1]-P3 initial target is at 5075.
- The alternate (red) wave count has the major [W]-P2-C3 wave ending at 3810 today. The major [X]-P2 wave should retrace to at least a 50% Fib of the major [W] drop from 4819 to 3810, which is at 4315. Before the major [Y]-P2-C3 wave drops toward the [W]=[Y] target at 3306 (between the 50%/62% Fibs of P1-C3 at 3505/3191).
Have a great weekend!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
SP-500 monthly chart:
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