June 24th, 2022: SP-500 Chart Update
Posted by pugsma on June 24, 2022
5:40 pm EST: The SP-500 gapped up from 3796 to 3822, rose to hit 3886, dropped to 3872, traded sideways, then rallied into the close to hit 3912 (day’s high).
Technical Indicators: Print SharpCharts from StockCharts.com
- Since Friday, June 17th, I pointed that the SP500 vs NYMO vs VIX chart was pointing to ST and IT bottom at 3637 due to the +DIV on the NYMO and -DIV on the VIX. On Monday, June 13th the NYMO closed at -77 with a 4-month long +DIV. And then on Thursday, June 16th the NYMO closed with a ST +DIV at -72. Today, June 24th the NYMO closed at +35.
Wave Counts:
- 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 and the P3-C3 wave up to new all-time higsh is just getting underway. 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). Minute (4) should retrace 23% to 3937 and minute (5)=(1) at 4080. Thus, the minor 1 wave should reach the 4086 pivot area. Note: The primary (white/green) count if valid above 3637.
- The alternate (red) count has been modified into a situation where the SP500 will produce an IT rally to 4200-4300 into year end 2022 and fall to new lows towards 3200 into year 2023 as a deeper recession unfolds. Major [A]-P2-C3 completed at 4637. Next a major [B]-P2 wave will retrace to the 50%/62% Fib at 4228 to 4370. Then a final major [C]-P2 wave will drop to the 62% Fib of P1 at 3190.
Have a great weekend !
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
One Response to “June 24th, 2022: SP-500 Chart Update”
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Michael Croghan said
Spectacular call sir! I did not see many out in the media/twitter verse with any bullish calls for IT.