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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

  1. 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.
  2. 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.
  3. 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:

  1. 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:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

23 Responses to “May 24th, 2022: SP-500 Chart Update”

  1. Pramood Kalikiri said

    Hi Steve,

    Any update on GOOGL chart from April? Did we hit the bottom today or is there a possibility of more downside to 1800 level? Thanks

    • pugsma said

      The 2022 CCA Service had a GOOGL chart with a red P2 target at the 50% Fib of 2019. Today’s low was 2037.

      I’ll look doing some CCA individual stock chart updates now that P2 seems to have bottomed.

      • Pramood Kalikiri said

        Ok, Thanks. I will keep an eye out for the updated chart on GOOGL under the 2022 CCA Service.

  2. pugsma said

    The primary (white/green) wave count points to something interesting happening on and around Friday June 10 to Wednesday June 15th.

  3. pugsma said

    The setup is there for a gap up above the down channel tomorrow…

  4. Wbart21 said

    NVDA AH.

  5. pugsma said

    75% (79 of 104) of “analysts” surveyed expect the stock market to continue down for at least 3 months.

    No one called to survey me…


  6. MS53 said

    NYAD cumulative higher low , now higher high in progress. Above its level of the 4091 SPX high on May 17. Gotta hold up on the close.

  7. pugsma said

    Once again the SP500 is back up at the upper down channel line with (3975) with a key data point from the Fed to be released. Fed May meeting minute due out at 2pm EST.

  8. pugsma said

    The two most important market dates in a long time:

    Friday June 10th: May CPI Report
    Wednesday June 15th: Fed Meeting

  9. pugsma said

    This is the 5year run rate inflation data the Fed is focused on

    Notice how quickly it’s dropped from a peak of 3.59% in March to 2.87% in May. That’s a -20% drop in just two months!

    The Fed 5 year run rate on inflation is targeting 2%.


    • pugsma said

      And the 5y inflation expectation has dropped from 2.67% in May to 2.23% in a May.

      Again this is wonderful news for the stock market and shows that Fed can indeed pull off a “soft landing” saving the strong economy we have now and breaking the back of short-run inflation to stable the 5 year run rate near 2%.

  10. pugsma said

    From here at 3940 I’m looking for a 2% move (80 points) into the today.

    Either a minute (3) of minor 1 is confirmed on move above 3981 to 4020+

    Or minute (2) of minor plays out as a flat back down to 3875 to 3860.

    • MS53 said


    • pugsma said

      I see a lot of bears on Twitter bragging about loading puts here before 2pm EST looking for a “crash”.

      I also noticed CPCE (equity only put/call ratio) spike near a high last night.

      Rocket fuel ?

      • Jim Guthery said

        I agree so many bears on twitter, including the so called pundits clamoring SPX 3400

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