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:
- 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.
- 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:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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