August 29th, 2022: SP-500 Chart Update
Posted by pugsma on August 29, 2022
5:05 pm EST: The SP-500 gapped down from 4058 to 4035, dropped quickly to 4022, rose to 4063 (day’s high) and closed at 4030.
Technical Analysis: Print SharpCharts from StockCharts.com
- NYMO: There is a potential +DIV on the NYMO wrt to the SP500 with a NYMO close above -62 (looks like the NYMO closed near -60).
Wave Counts:
- The primary (white/green) wave count is that major [1]-P3-C3 topped at 4326 and the major [2] correction down to the 50% Fib at 3983 is nearly complete. The 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=A target is at 3997 and the rising 50-day SMA at 4003. Note: Below this key support zone of 4003 to 3983, the alternate (blue) count takes over.
- The alternate (blue) count is that major [1]-P3-C3 topped at 4326 and the major [2] correction down to the 62%/78% Fib at 3899/3780 is underway. The 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=1.62A at 3869 and C=2.0A at 3701. 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 was triggered on the decisive break below 4080. Note: This alternate (blue) wave count remains valid above the P2-C3 low at 3667.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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