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August 15th, 2022: SP-500 Chart Update

Posted by pugsma on August 15, 2022

9:15 am EST: Of Friday the SP-500 gapped up from 4207 to 4225, then rose steadily all day to close on the highs at 4280.

Technical Analysis: Print SharpCharts from StockCharts.com

Wave Counts:

  1. The primary (white/green) wave count is that minor 3 of major [1]-P3-C3 likely completed at 4280, just above where minor 3=1.78*minor at 4272. The minor 4 retrace targets are at the 23%/38% Fibs of 4151 to 4068. Wave 4 could form a triangle to alternate with the minor 2 zig-zag. Ultimately once the minor 4 wave completes, the minor 5 of major [1]-P3 wave should target the 4377 to 4460, where minor 5=minor 1. Note: The primary (white/green) count minor 4 of major [1] wave up remains valid above the minor 1 high of 3946. However, minor 4 should ideally hold the recent 4080 low, which is just above the 38% Fib at 4068.
  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 likely completed at 4280, just above where minor 5=0.62*minor 1 at 4272. The major [2] wave down is underway and should target the 50% Fibs at 3948. Note: Breaking below the recent low at 4080, would likely confirm the major [2] wave is underway.

SP-500 15-min chart (EOD 8-12-22):

SP500 Technical Analysis

SP-500 60-min chart (EOD 8-12-22):

SP500 Technical Analysis

SP-500 4-hr chart (EOD 8-12-22):

SP500 Technical Analysis

SP-500 daily chart (EOD 8-12-22):

SP500 Technical Analysis

3 Responses to “August 15th, 2022: SP-500 Chart Update”

  1. MS53 said

    Re the above/ Best practice : copy, paste, print, add to your PUGSMA notebook, review frequently. and never cancel your subscription to the service.

  2. Daniel Dufner said

    Also we retested the 4290 pivot from below this morning, and then from above this afternoon after the run to the 200 DMA.

  3. patrick kavanagh said

    So Steve
    What are you thinking here?
    Gap and GO! above ~4326?
    That would be sweet

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