May 23rd, 2022: SP-500 Chart Update
Posted by pugsma on May 23, 2022
6:05 pm EST: The SP-500 gapped up from 3901, quickly hit 3949. dropped to 3909 (day’s low), then rallied to 3981, dropped to 3946, rallied again to 3982 (day’s high) and closed at 3974.
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 May 19th/20th 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 May 19th/20th 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 May 19th/20th closing lows at 3900/3901.
- Chart Feature: There is now a weekly gap up from 3901 to 3919. A weekly gap up can be a bullish “break away gap” if it holds.
Wave Counts:
- The primary (white/green) count has the P2-C3 low at 3810, which is right at the 38% Fibonacci retrace of P1-C3. The first minor 1 wave of major [1]-P3-C3 should target the 4330 area over few weeks to a month. Wave minute (1) of minor 1 may have peaked as 5 waves up today at 3981. A 38% Fib for the minute (2) wave would be at 3916, keeping the weekly gap up at 3901 open. The minor 3 of major [1]-P3 wave should make a new high above 4819 in early year 2023 and that major [1]-P3 initial target is at 5075 in the spring to early summer of 2023.
- The alternate (red) wave count has the major [W]-P2-C3 wave ended at 3810. 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).
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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