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June 22nd, 2022: SP-500 Chart Update

Posted by pugsma on June 22, 2022

5:35 pm EST: The SP-500 gapped down from 3765 to 3735, quickly hit 3718 (day’s low), rose to 3802 (day’s high) and closed at 3760.

Technical Indicators: Print SharpCharts from StockCharts.com

Wave Counts:

  1. The primary (white/green) wave count is that minute (5) of minor 5 of major [C]-P2-C3 completed at 3637, where [C]=1.38[A] at 3665. The Minute (1) of minor 1 of major [1]-P3-C3 wave completed at 3779 and minute (2) wave at 3718. The minute (3) target area is 4003, where (3)=2.0(1). Minor 1 should reach the 4086 pivot area. Note: The primary (white/green) count if valid above 3637.
  2. The alternate (blue) count is a slight variant of the primary (white/green) count, where minute (3) of minor 5 ended at 3637 and the current move up is a minute (4) wave bounce to the 38% Fib of 3838. Once minute (4) wave completes, the final minute (5) of minor 5 of major [C] wave should drop below 3637 to where [C]=1.62[A] at 3947 and the 50% Fib retrace of P1-C3 is at 3505. Note: The alternate (blue) count is valid below 4099.
  3. The alternate (red) count is that the minor 3 of major [C]-P2-C3 is underway since minor 2 completed at 4117. The first minute (1) of minor 3 wave completed at 3637 and this move up the minute (2) wave bounce to a 50%/62 Fib at 3908 to 3978. Once the minute (2) of minor 3 wave completes, the minute (3) of minor 3 wave will head much lower to at least where (3)=(1) at 3371. The minor 3=1 target is at 3350. Ultimately, major [C]-P2 should head towards the 62% Fib P1-C3 at 3190 and where [C]=2.0[A] at 3229. Note: The alternate (red) count if valid below 4177.

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

18 Responses to “June 22nd, 2022: SP-500 Chart Update”

  1. pugsma said

    Tesla makes such a well engineered car…

    https://twitter.com/pugstockmarket/status/1539978555165184008?s=21&t=7-cye98JadmBaUvxjsFTtw

    • William Waggoner said

      That’s great to hear Steve. I took our Model Y in for it’s first servicing yesterday. 21 months after purchase and just over 18k miles. No problems with the vehicle, just routine maintenance (fluids, 4 wheel alignment, tires rotated). Total cost for the service $193. Totally agree these cars are fun to drive! I was wondering what servicing your Model S has needed over 6.5 years? Anything major?

      • pugsma said

        The only thing it has ever need was a heating coil replacement in the battery back (warranty covered). The computer warned me of the issue and I scheduled the repair through the app.

        • pugsma said

          The battery pack liquid cooling for summer temp mitigation and heating coils for winter temp mitigation is genius!

      • pugsma said

        Good thing you bought your model Y before the big price increases! New Model Y is now $65K plus.

        Plus used model Y’s are now selling at $10K to $15K above new at $75K to $80K!

    • pugsma said

      You can also see from this data set that the oldest Model S cars are approaching 10 years now. None are even close to a -30% drop, which is 180 mile max range from a 260 stating point.

      • Jim Guthery said

        About one more year and I should have my Cybertruck.

        • pugsma said

          I’ve got some bad news for you.

          I just was at the Tesla Dealership yesterday. I was near by for another errand and wanted to stop buy and see how things were going with sales, etc.

          Spoke to the dealership manager, who shared with me some things he learned at recent corporate meeting.

          1) Sales across all Tesla vehicles is far out stripping supply. Particularly the Model Y SUV.

          2) Elon stated that after building a few Cyber Trucks recently, the cost to produce was extremely high. Elon stated that “no way can the Cyber Truck go into large scale production this way”.

          The implementation was that the Cyber Truck is not likely a 2023 production vehicle.

          I’m watching all very closely, since I have top of the line Tri-motor Cyber Truck reservation. And I’d like to trade-in my Model S before July 2024, when my 8 year warranty expires.

    • Webhead said

      Has anyone seen or test driven the 2022 Hyundai Ioniq 5? It is supposed to be a worthy competitor to Tesla. https://www.hyundaiusa.com/us/en/vehicles/ioniq-5

  2. pugsma said

    AAII Sentiment at More 3X more Bears (59.3%) than Bulls (18.2%)

    https://twitter.com/hmeisler/status/1539923097570123778?s=21&t=CZBzemSWLyYdNb0aX1034A

  3. pugsma said

    Active money managers at only 20% Long

    https://twitter.com/hmeisler/status/1540011748929015810?s=21&t=CZBzemSWLyYdNb0aX1034A

  4. pugsma said

    Completing the the 3796 to 3822 gap fill and the 50% Fib retrace of 3791.

    • pugsma said

      Remember wave 2’s or B’s retrace 50% (3791) to 62% (3754). Beyond that a lower low than 3637 is likely up next. Very key day price area at 3754 to 3791.

    • pugsma said

      Since the late Nov to early Jan index peaks, there has not been a key lower high AFTER a significant rebound. IF that happens here (meaning 3637 must hold and 3946 must be broken), then the indices are going to explode to the upside for an extended IT move.

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