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July 26th, 2022: SP-500, IWM and QQQ Chart Update

Posted by pugsma on July 26, 2022

11:55 am EST: The SP-500 gapped down from 3966 to 3954, slid lower all morning to 3917..

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 4340, where minor 3 = 2.0*minor 1. Within minor 3, the minute (1) wave completed at 4012. The minute (2) wave is underway and should retrace to the 38%/50% Fib target area of 3902 to 3867. The minute (3) wave target 4224, where (3)=1.23(1). Ultimately the major [1]-P3 wave should target the 4488 area into years end. Note: The primary (white/green) count minute (2) of minor 3 of major [1] wave up remains valid above the minor 2 at 3722.
  2. The alternate (red) count is that major [Y]-P2-C3 completed at 3637. The P2 wave is playing out as a double Zig-Zag major [W]-[X]-[Y]-[X]-[Z]. Next is a major [X] wave that will retrace to the 38% Fib at 4017. Minor A of major [X] 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 [X] and the 38% Fib retrace is 4017. On Friday July 22nd the SP500 hit 4012 and is only 19 points short of the 4031 target and hit the upper down channel line. Thus the major [X] could be complete. Once major [X] completes, there will another leg down for major [Z] towards at least the 50% Fib retrace at 3505 and possibly as low as 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.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

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