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August 30th, 2022: SP-500, IWM and QQQ Chart Update

Posted by pugsma on August 30, 2022

5:55 pm EST: The SP-500 gapped up from 4031 to 4041, quickly hit 4045 (day’s high), dropped to 3965 (day’s low) and closed at 3986.

Technical Analysis: Print SharpCharts from StockCharts.com

  • VIX: Closed flat at 26.21 with the SP500 down -1% (ST bullish). Closed three consecutive days above its upper BB. Potential VIX Sell, SP500 Buy trigger that needs a close below the upper BB to confirm.
  • NYMO: Closed down near -83.
  • SP500: Closed at 3986 below its lower BB of 4000. Potential SP500 BB, SP500 Buy trigger that needs a close above the lower BB to confirm.

Wave Counts:

  1. The primary (white/green) wave 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 complete at 3965 or 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 wave down has been underway since 4203. Note: The SP500 needs to move above 4063 intra-day and close 4080 to confirm the major [2] low.
  2. The alternate (blue) count is that major [1]-P3-C3 topped at 4326 and the major [2] correction down to the 78%/88% Fib at 3789/3720 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 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:

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

3 Responses to “August 30th, 2022: SP-500, IWM and QQQ Chart Update”

  1. MS53 said

    What was the date that you opened the blog ?

    • MS53 said

      Here’s a stat: Since blog inception, there have been approx 3210 trading days, and 3984 SPX blog posts. That’s over six blog posts each week, many of them made while Steve had a full time career.

    • Preston Morris said

      I was one of his first subscribers- pug said he had a target of 3600. Back in 09 – he was only one that was correct or even close – and folks on his blog that he lost his mind – priced them wrong big time

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