July 19th, 2022: SP-500 Chart Update
Posted by pugsma on July 19, 2022
12:00 pm EST: The SP-500 gapped up from 3830 to 3861, rose steady all morning to 3910…
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 3722, which is within the 62%/78% Fibs retrace area of 3754 to 3705. The minor 3 wave target is at 4223, where minor 3 = 1.62*minor 1. Within minor 3, the minute (1) wave completed at 3902 and minute (2) retraced nearly 50% to 3819. The minute (3) wave up is underway with target at 4111, where (3)=1.62(1). Ultimately the major [1]-P3 wave should target the 4417 area into years end. Note: The primary (white/green) count minor 2 of major [1] wave remains valid above 3637.
- 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 3722, which is within the 62%/78% Fib area of 4754 to 4705. The minor C=A target is at 4031 to complete major [B] and the 38% Fib retrace is 4086. Withing minor C, the minute (1) wave completed at 3902 and minute (2) retraced nearly 50% to 3819. The minute (3) wave up is underway with target at 4041, where (3)=1.23(1). 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.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
2 Responses to “July 19th, 2022: SP-500 Chart Update”
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jrw said
“The bear market is over” per this “perfect” statistic
https://twitter.com/jasongoepfert/status/1549483829357727745?s=21&t=Skzkvh-4LwIFhEjGhAeEmw
charles blood said
Steve,
I wonder if the traditional definition of a recession is not the best measure of the health of the economy today.In our local, still cant find enough people to work. Everyone has orders they have placed for goods and services and you are told to wait weeks or even months! Contractors are backed up and building of new homes or updating are waiting to be completed and filled with furnishings that haven’t in some cases even been ordered I am told.