May 31st, 2022: SP-500 Chart Update
Posted by pugsma on May 31, 2022
12:05 pm EST: The SP-500 gapped down from 4158 to 4152, dropped quickly to 4107, rose to 4159…
Technical Analysis: Print SharpCharts from StockCharts.com
- NYMO: . On Friday May 27th, the NYMO closed above zero six consecutive days and closed at +106 today, May 27th.
- NYSE A-D Line Cumulative: On Friday, May 27th, the NYSE A-D Line Cumulative closed at the level when the SP-500 closed at 4308. The NYSE A-D Line has been leading the SP500 price.
- VIX:
- NYSE Volume: The NYSE had three consecutive days of > 80% upside volume on May 25th (83%), May 26th (87%) and May 27th (86%). This signal is indicative of a major market bottom. Since year 1970 there have 10 of 12 signals (83%) were major bottoms that lead to new all-time highs. 2 of 12 (17%) were near major bottoms that made one more lower low and then made all-time new highs.
Wave Counts:
- 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 and hit 4158 on Friday, May 27th. For minute (4) a 23% Fib retrace is at 4093 and the SP500 hit 4107 thus far. Finally, the minute (5) target is at (5)=(1) at 4264 to complete minor 1. Major [1]-P3 initial target is at 5057 in the spring to early summer of 2023, see the daily chart. Note: The primary (white/green) wave count is valid for the minute (4) of minor 1 wave above the minute (1) high at 3981.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
3 Responses to “May 31st, 2022: SP-500 Chart Update”
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MS53 said
is there enough in the can from 3810 to 4168 to call that much a minor 1 ?
MS53 said
Looks like losing the 4086 pivot zone here drops us out of the up channel. Is that significant to minor 1 ?
MS53 said
ok thanks.