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:
- 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.
- 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:
SP-500 60-min chart:
SP-500 daily chart:
IWM 60-min chart:
IWM daily chart:
QQQ 60-min chart:
QQQ daily chart:
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