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June 1st, 2022: SP-500, IWM and QQQ Chart Update

Posted by pugsma on June 1, 2022

6:10 pm EST: The SP-500 gaped up from 4134 to 4150, quickly hit 4166 (day’s high), dropped to 4074 (day’s low) and closed at 4101.

Technical Analysis: Print SharpCharts from StockCharts.com

  1. NYMO: . On Friday May 27th, the NYMO closed above zero six consecutive days and closed at +106 Friday, May 27th. This type of NYMO strength is extremely rare.
  2. 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.
  3. VIX: Closed red on Wed, June 1st with a red SP500 close. Typically leads to a SP500 green closed the following day.
  4. 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:

  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 and hit 4158 on Friday, May 27th. For minute (4) a 38% Fib retrace is at 4051 and the SP500 hit 4074 thus far. Finally, the minute (5) target is at (5)=(1) at 4245 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.

House Keeping: I will on vacation from Friday, June 3rd through Wednesday, June 8th. There will be no blog posts on those days. The last blog post before my vacation will be on Thursday, June 2nd.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

IWM daily chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

QQQ daily chart:

QQQ Technical Analysis

7 Responses to “June 1st, 2022: SP-500, IWM and QQQ Chart Update”

  1. pugsma said

    So I mentioned this past Friday, May 27th that the very rare Zweig Breadth Thrust (ZBT) missed by just 1 day, taking 11 days instead of the required 10 day window.

    You can see the Zweig data here: https://stockcharts.com/h-sc/ui?s=%21BINYBT&p=D&b=5&g=0&id=p32123590350&a=427381773&r=1604930894355&cmd=print

    What this means for the market is that we have just seen a sustained 11 day breadth move that is almost as rare a the 10 day ZBT. And in fact is just as bullish as the ZTB! Here is a tweet with the stats.

    34 events since year 1986, with a 97% probability of a +15% gain one year later. And positive average gains of +2% at month, +3% at 2 months, +4% at 3 months, +9% at 6 months and +15% at 1 year.


  2. pugsma said

    And I just love bearish sentiment data like one. Look at all the media “break market rally” mentions! It’s off the charts even compared with March 2022.

    Only PUG says it the real deal Bull Market and we never even had a Bear Market in the SP500.


  3. pugsma said

    I just updated the MSFT and NVDA charts in the 2022 CCA Service: https://pugsma.com/custom-chart-archive-2022/

  4. pugsma said

    FYI the SP-500 price broke-out above 4129 and bull flag upper trend line. Bull Flag target is 4242.

  5. pugsma said

    My latest tweet about the markets…simplified

    Most investors struggle with the concept that bad news and bad unknowns get priced in quickly. And it only takes small incremental good news for a market to bottom and “climb the wall of worry”.


    • pugsma said

      It also amazes me how most investors don’t get understand that the Big Money is ALWAYS taking their book!

      Why did JPM Jamie Dimon come out yesterday and say “prepare for a massive economic hurricane”?

      Why does BLK Larry Fibk come out today and say “RECESSION WILL COME IF FED OVERSHOOTS”?

      They are “signaling” to the FED to slow or pause.

      These are bullish headlines, not bearish.

  6. Stephen Schneider said

    Thanks for the updated MSFT and NVDA charts Steve!

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