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July 11th, 2022: SP-500 Technical Analysis

Posted by pugsma on July 11, 2022

6:50 pm EST: The SP-500 gapped down from 3899 to 3881, quickly hit 3849, rallied to 3880 (day’s high), then dropped to 3847 and closed 3854.

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. The minor 3 wave target is at 4240, where minor 3 = 1.62*minor 1. Within minor 3 the first minute (1) ended at 3919 and a minute (2) wave pull-back to a 50%/62% Fib retrace at 3829 to 3807 is underway. Once minute (2) ends, the minor (3) of minor 3 wave up will head for (3)=1.62(1) at 4120. Ultimately the major [1]-P3 wave should target the 4434 area into years end. Note: The primary (white/green) count minute (2) of minor 3 of major [1] wave remains valid above 3739.
  2. 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.
  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, and may still be playing out a triangle wave. 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 minute (c) of minor B of major [B] wave remains valid above 3739.

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

2 Responses to “July 11th, 2022: SP-500 Technical Analysis”

  1. MS53 said

    Thanks. The walls of my office are resembling Russell Crowe’s with all this great info.

  2. patrick kavanagh said

    HI Steve

    I know NYMO is not reliable at calling tops, but the fact the it ‘reset’ at the ~+40 range, this is a potential warning sign?


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