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August 24th, 2022: SP500 Chart Update

Posted by pugsma on August 24, 2022

5:40 pm EST: The SP-500 opened flat from 4128, dropped quickly to 4120 (day’s low), rose to 4156 (day’s high) and closed at 4140.

Technical Analysis: Print SharpCharts from StockCharts.com

  1. The primary (white/green) wave count is that minor 3 of major [1]-P3-C3 completed at 4236, just below where minor 3=2.0*minor at 4340 and at the 200-day SMA (4326). The minor 4 wave likely ended at 4120 or could reach the 38% Fib at 4096. Ultimately once the minor 4 wave completes, the minor 5 of major [1]-P3 wave should target the 4405 to 4429, 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.
  2. The alternate (blue) count is that major [1]-P3-C3 topped at 4326 and the major [2] correction down to the 50%/62% Fib at 3983/3899 is underway. The first minor A wave likely complete at 4120 and now a minor B bounce to the 38%/50% Fib at 4198/4223 is underway. Once minor B completes, the minor C wave down will drop towards 3982. Note: This alternate (blue) wave count remains valid below 4326 will be confirmed on a break of the 4080 low.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

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