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September 6th, 2022: SP-500 Chart Update

Posted by pugsma on September 6, 2022

5:05 pm EST: The SP-500 opened flat for 3925, rose to 3942, dropped to 3887 (day’s low), rose to 3942 (day’s high), dropped to 3894, rose to 3919 and closed at 3908.

Technical Analysis: Print SharpCharts from StockCharts.com

  • NYMO (Sept 6th): Closed down near -100. NYMO closes below -100 are extremely rate and almost always market key market bottom that leads to all-time new highs within one year.
  • The 60-min chart is showing +DIV on the RSI and MACD.

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 62% Fib at 3899 is complete at 3887 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, where C=1.62 at 3869. There is also a bearish Head and Shoulders Pattern on the 60-min chart with head at 4326, average neckline at 4100 and target of 4100 – (4100-4326) = 3874. Note: The SP500 needs to move above 4018 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=2.0A at 3701. Note: This alternate (blue) wave count remains valid for major [2]-P3 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 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

3 Responses to “September 6th, 2022: SP-500 Chart Update”

  1. Greg Polites said

    HI Steve; I’ve been wondering about alternative counts and price targets IF SP3722 is taken out. That region would be in the neighborhood of a 50% retrace of the Covid rally. Do you have a “red” count that fits that development? Thanks, Greg

  2. MS53 said

    Wonder if anyone here recognizes like me that we are receiving the benefit of many subscriptions to other information sources through the PUGSMA site for free. Not only that, Steve is telling us the important parts of each one to focus on.

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