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June 30th, 2022: SP-500, IWM and QQQ Chart Update

Posted by pugsma on June 30, 2022

6:30 pm EST: The SP-500 gapped down from 3818 to 3787, dropped to 3739 (day’s low), rallied to 3819 (day’s high) to close the gap, dropped to 3765 and closed at 3785.

Technical Indicators: Print SharpCharts from StockCharts.com

Wave Counts:

  1. The primary (white/green) wave count is that P2-C3 completed at 3637, where [C]=1.38[A] at 3665 and the P3-C3 wave up to new all-time high is just getting underway. Minor 1 of major [1]-P3 completed at 3946. The minor 2 wave dropped to 3739, which is within the 62%/78% Fibs retrace area of 3754 to 3705. Assuming 3739 complete the minor 2 wave, the minor 3 wave target at 4240, where minor 3 = 1.62*minor 1. Within minor 3 the first minute (1) up should target 4057. Ultimately the major [1]-P3 wave should target the 44834 area into years end. Note: The primary (white/green) count minor 2 of major [1] wave remains valid above 3637.
  2. The alternate (blue) count is that P2-C3 is continue toward the 50% Fib retrace of P1-C3 at 3505. Note: The alternate (blue) count remains valid below 3946.
  3. The alternate (red) count is that major [A]-P2-C3 completed at 3637. Next is a major [B]-P2 wave that will retrace to the 38% Fib at 4086. Minor A of major [B] competed at 3946. The minor B wave dropped to 3739, which is within the 62%/78% Fib area of 4754 to 4705. Assuming minor B complete at 3739, the minor C=A target is at 4048 to complete major [B]. Once major [B]-P2 completes, there will another large leg down for major [C]-P2 toward the 62% Fib retrace of P1-C3 at 3190. Note: The alternate (red) count minor B of major [B] wave remains valid above 3637.

House Keeping: That completes Q2-2022. For the quarterly subscribers, you will need to make a payment via the PUG SMA Shop to continue for Q3-2022 (July-Sept): » Shop PUG Stock Market Analysis, LLC | Technical Analysis Blog (pugsma.com)

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

6 Responses to “June 30th, 2022: SP-500, IWM and QQQ Chart Update”

  1. pugsma said

    There will be a update at least for the SP500 on Friday, July 1st, since it’s the first day of the new quarter.

  2. pugsma said

    US Treasury yield…

    https://twitter.com/ukarlewitz/status/1540056880608735232?s=21&t=Y_mkrfcdDpj_wAg6a4zf6w

  3. WaterRock said

    Curious, does it now look like we have ii of the primary today at the ~62% retracement at 3752, and since we have a series of 1 & 2s of a minor degree? Now possibly 3?

    • pugsma said

      The primary (white/green) count is i-ii of minute (1) of minor 3 of major [1]-P3-C3. Very early days of minor 3 up. Needs to break above 3946 to confirm.

      • WaterRock said

        Thank you. I confused matters by saying “minor degree.” I meant of a lesser degree than the i ii labels. Appreciate the comment and looking forward to the final hour here and your update. Have a wonderful 4th.

    • stevesumma said

      Hope so, but with the long weekend, trading desks will want to be neutral. So expect some buying to close shorts and put positions. We will not know until Tuesday.

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