May 24th, 2022: SP-500 Chart Update
Posted by pugsma on May 24, 2022
5:30 pm EST: The SP-500 gapped down from 3974 to 3943, dropped to 3875 (day’s low), then rallied to 3956 (day’s high) and closed at 3941.
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. The NYMO has closed above zero two consecutive days.
- 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.
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. Wave minute (1) of minor 1 peaked as 5 waves at 3981. The minute (2) wave retraced to the 62% Fib at 3876. The minute (3) target is at 1.62*(1) = 4152. A 23% Fib for minute (4) is at 4086. Finally, minute (5)=(1) at 4259 should complete minor 1. Major [1]-P3 initial target is at 5043 in the spring to early summer of 2023. Note: The primary (white/green) count is valid above 3810.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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