July 1st, 2022: SP-500 Chart Update
Posted by pugsma on July 1, 2022
7:50 pm EST: The SP-500 opened flat from 3786, rose to hit 3811, dropped to 3752 (day’s low) and then rallied to 3830 (day’s high) and closed at 3825.
Technical Indicators: Print SharpCharts from StockCharts.com
Wave Counts:
- 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 completed 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.
- The alternate (blue) count is that P2-C3 is continuing lower towards the 50% Fib retrace of P1-C3 at 3505. Note: The alternate (blue) count remains valid below 3946.
- 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 is 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 3647.
House Keeping: That completes Q2-2022. The US Markets are closed for the 4th of July Holiday on Monday. I’m traveling out of town with family until next Wednesday, July 6th evening. Thus, the next blog post with chart updates will be on Thursday, July 7th. As always, I’ll monitor the markets on Tuesday and Wednesday week via my iPhone and post any necessarily comments.
Have a wonderful 4th of July Holiday weekend!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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