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August 8th, 2022: SP-500, IWM and QQQ Chart Update

Posted by pugsma on August 8, 2022

5:35 pm EST: The SP-500 gapped up from 4145 to 4155, quickly hit 4186 (day’s high) then reversed and dropped to 4129 (day’s low) and closed at 4140.

Technical Indicators: Print SharpCharts from StockCharts.com

Wave Counts:

  1. The primary (white/green) wave count is that minor 3 of major [1]-P3-C3 is complete or near complete at 4186. The minor 4 retrace target is at the 23% Fibs of 4096 to 4023. Ultimately once the minor 4 completes, the minor 5 of major [1]-P3 wave should target the 4288 to 4332, where minor 5=0.62*minor 1 to minor 5=1. Note: The primary (white/green) count minor 4 of major [1] wave up remains valid above the minor 1 high of 3946.
  2. The alternate (blue) count is a slight variant of the primary (white/green) count that has the minor 4 of major [1] low at 4080 and the final minor 5 wave up complete or near complete at 4186. The major [2] wave down is underway and should target the 50%/62% Fibs at 3912/3846. Note: The alternate (blue) count is invalid above 4208 (Ending Diagonal Max).

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

IWM daily chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

QQQ daily chart:

QQQ Technical Analysis

2 Responses to “August 8th, 2022: SP-500, IWM and QQQ Chart Update”

  1. Deepti said

    Steve, trying to figure out if you are cautioning for watching for the red count here if we were to start selling down

  2. MS53 said

    This is still the operative thinking ?

    Pugsma said
    August 3, 2022 at 1:48 pm
    So I’m thinking Ms Market will be cruel in the next month or two.

    1) Most investors went to a good deal of cash in May-June, suffered a net big loss from 4819, and now missed this +15% move up from 3637 to 4160.

    2) Some are now panicking and chasing here at 4100+

    Ms Market is going to try to suck them back in here from 4160 to as high as 4340, then drop into a major [2] plunge. They will panic again and loss more money selling what they bought at the top of major [1] at bottom of major [2]. Then Ms Market will turn around much higher in major [3] up leaning them behind once again.

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