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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:

  1. 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:

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

10 Responses to “August 19th, 2022: SP-500, IWM and QQQ Chart Update”

  1. pugsma said

    Really a great TA indicator chart here on the $NYSI (McClellan Summation Index).

    Indicates a Consolidation period before much more larger SP500 gains ahead.

    This $NYSI TA indicator is NOT a feature of a bear market rally or Bull market top!

    https://twitter.com/ukarlewitz/status/1560719025679638528?s=21&t=nC88VwiAKl44Kdsj1Y1IKQ

  2. pugsma said

    Keep in mind the minor 4 wave could attempt close the 4183 to 4123 gap and should hold the 38% Fib at 4096.

    Below 4096 the wave count would become the major [2] wave targeting the 50% Fib retrace at 3982 (basis 4326 as the major [1] top).

  3. pugsma said

    Another great weekly video but Chris C here explaining why the 61 bull cases shown last Friday are not like any bear market in the past and what average drawn downs to expect. About 75% of the draw downs hold above the 4000 area. The average and median draw downs are near 4100.

    There are also two new bull studies from Sentiment trader that trigger this week. They have +25% and +17.5% one year gains with drawn downs at 4100 and 3800 respectively.

    https://twitter.com/ciovaccocapital/status/1560865505698844672?s=21&t=yMT-ZhAN3Z3tsDc_jqMg0g

  4. pugsma said

    This sharp minor 4 wave will that holds above the 38% Fib at 4096 will alternate well with the drawn out minor 2 wave that resembled a running flat.

  5. pugsma said

    It should be noted that the NYMO at -60 intraday-day could close to consecutive days below its lower BB and below -40. This is potential extremely bullish ST set up.

    https://stockcharts.com/h-sc/ui?s=%24NYAD&p=D&yr=0&mn=9&dy=0&id=p32152966307&a=269536931&r=1450045167343&cmd=print

  6. pugsma said

    This is very important. The next 50 points down or not will decide.

    Pugsma said

    August 19, 2022 at 4:49 pm e
    Keep in mind the minor 4 wave could attempt close the 4183 to 4123 gap and should hold the 38% Fib at 4096.

    Below 4096 the wave count would become the major [2] wave targeting the 50% Fib retrace at 3982 (basis 4326 as the major [1] top).

  7. pugsma said

    For 75% of the 61 bull cases the major [2] low will not be lower than this minor 4 of major [1] pull-back to this 4096 target.

  8. pugsma said

    Remember massive down days, like today, will typically have a follow through down the next day into the morning cash market trading.

    Look for a turn around Tuesday by 11:30 EST IF this is only minor 4 of major [1] and not the beginning of major [2].

  9. pugsma said

    SP500 now down at 4133 with massive gap up close at 4123.

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