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August 26th, 2022: SP500, IWM and QQQ Chart Update

Posted by pugsma on August 26, 2022

1:05 pm EST: The SP-500 opened flat from 4199, dropped quickly to 4158, rose to 4203 (day’s high), then dropped steadily 4100…

Technical Analysis: Print SharpCharts from StockCharts.com

  • NYMO: There is a potential +DIV on the NYMO with a NYMO close above -63 and SP500 close below 4124.

Wave Counts:

  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 is headed to 38% Fib retrace area of 4096. Once minor 4 completed, the minor 5 of major [1]-P3 wave will move above 4326 and should target 4405, 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 at 3946. However, it needs to hold the 4096 to 4080 area to have the correct look.
  2. The alternate (blue) count is that major [1]-P3-C3 topped at 4326 and the major [2] correction down to the 50%/62%/78% Fib at 3983/3899/3780 is underway. The first minor A wave completed at 4120 and the minor B bounced to 4203, which was the 38%/50% Fib area of 4198/4223. The minor C wave down is underway, where C=A at 3997 and C=1.62A at 3869. There is also a bearish Head and Shoulders Pattern on the 60-min chart with head at 4326, neckline at 4080 and target of 4080 – (4080-4326) = 3834. This H&S would be triggered on a decisive break below 4080. Note: This alternate (blue) wave count remains valid below the minor B of major [2] high at 4203.

Have a great weekend !!!

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

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