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May 26th, 2022: SP-500 Chart Update

Posted by pugsma on May 26, 2022

6:20 pm EST: The SP-500 gapped up from 3978 to 3985, rose quickly to 3945 then climbed slowly to 4075 (day’s high), dipped to 4051, rose to 4075 and closed at 4058.

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 five consecutive days and closed at +77 today, May 26th. This is highest $NYMO reading since June 2022 just after the C2 low at 2192).
  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. The NYSE A-D Line Cumulative closed higher on May 25th with a SP500 close of 3978 than it did on May 17th with the SP500 close at 4092. The SP-500 should follow above 4092. Also, it’s approaching the level when the SP-500 closed at 4307. The NYSE A-D Line is leading the SP500 price.
  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.
  4. NYSE Volume: The NYSE had consecutive days of > 80% upside volume on May 25th (83%) and May 26th (87%). This is indicative of a major market bottom.

Wave Counts:

  1. The primary (white/green) wave 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) wave count is valid above 3810.

House Keeping: I’m starting my summer 4-day work weeks, which means no blog updates on Friday’s from Memorial Day (Monday May 30th) through Labor Day (Monday Sept 5th). Also, the US markets are closed on Monday, so the next blog post will be Tuesday, May 31st.

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

This entry was posted on May 26, 2022 at 6:20 pm and is filed under Premium, SP-500. Tagged: , . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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