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July 21st, 2022: SP-500 Chart Update

Posted by pugsma on July 21, 2022

7:15 pm EST: The SP-500 gapped down from 3960 to 3955, dropped to 3928 (day’s low) rose steady all day to close on the high at 3999.

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 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 minute (3) of minor 3 of major [1] wave up remains valid above the minute (2) of minor 3 low at 3819.
  2. The new alternate (blue) count variation to the primary (white/green) count is that minute (1) of minor 3 of major [1]-P3-C3 completed at 3999. The minute (2) wave should now retrace to the 50% Fib at 3861. Note: The alternate (blue) count minute (2) of minor 3 wave up remains valid above the minor 2 low at 3722.
  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 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. Today the SP500 hit 3999 and is only 32 points short of the 4031 target and hit the upper down channel line. 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 is confirmed on a break below 3722 and then below 3637.

Have a great weekend !

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

SP-500 weekly chart:

SP500 Technical Analysis

8 Responses to “July 21st, 2022: SP-500 Chart Update”

  1. pugsma said

    OK after reviewing the IWM, QQQ and SP500 charts tonight, we are at a very important juncture:

    1) The move up off the June low has hit a perfect minor C=A point for IWM, QQQ and is within 32 points for the SP500.
    2) The move up off the June low has hit the upper down channel resistance on the 60-min and daily charts.

    What happens next will be very telling…

    • Greg Polites said

      HI Steve; and this aligns with my set of technical indicators that are in overbought territory with two pending signals: sell or minor decline then a rally – yes the next move will be important – cheers, Greg

  2. pugsma said

    Unless we see a big rally into the close to move above 4012, this does not look like wave iii-(3) of minor 3 price action per the primary (white/green) count.

    Might be a minute (2) of minor 3 pull-back per the at(blue) count.

    • pugsma said

      Definitely looks like the alt(blue) variant of the primary count with minute (1) ending at 4012 and the minute (2) of minor 3 Fib terrace targets of 38%/50%/62% at 3902/3867/3833.

      So far on a-(2) down at 3938.

  3. The Ant Bully said

    Hi Steve, Do you have a drive where we could go to download quality images? The images that come with the posts are hard to read when zoomed in. Thank you.

    • pugsma said

      When I click on my charts above, they expanded and look perfectly clear on my desktop computer screen.

      • WM said

        Steve, on a laptop the images even though expanded are a struggle to see properly. Not all of us have young eyes! Cheers.

        • The Ant Bully said

          They look better on a screen with higher resolution. I found the best quality on an external Dell monitor.

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