August 19th, 2022: SP-500, IWM and QQQ Chart Update
Posted by pugsma on August 19, 2022
4:00 pm EST: The SP-500 gapped down from 4280 to 4266, dropped steady all day to 4218 (day’s low) and closed at 4228.
Technical Analysis: Print SharpCharts from StockCharts.com
Wave Counts:
- The primary (white/green) wave count is that minor 3 of major [1]-P3-C3 likely completed at 4236, just below where minor 3=2.0*minor at 4340 and at the 200-day SMA (4326). The minor 4 retrace targets are at the 23%/38% Fibs of 4187 to 4096. 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 4405 to 4496, 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 below the 38% Fib at 4096.
Have a great weekend!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
IWM 60-min chart:
IWM daily chart:
QQQ 60-min chart:
QQQ daily chart:
One Response to “August 19th, 2022: SP-500, IWM and QQQ Chart Update”
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Michael Croghan said
Steve,
Did you see Helene’s sentiment poll for this week? Pretty surprising!
https://twitter.com/hmeisler/status/1560944765750939648?s=21&t=gYB78yAx9sKbGxkBWXXUOU5bGXVBTBm-8fVrXk-vufY
MC