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September 7th, 2022: SP-500, IWM and QQQ Chart Update

Posted by pugsma on September 7, 2022

4:55 pm EST: The SP-500 opened flat from 3908, then rose steadily all day to 3988 and closed 3980.

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 (Sept 6th) 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. Major [3] wave up is just beginning. The minute (1) of minor 1 of major [3] should target 4022. 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. The minor C wave down is underway, where C=2.0A at 3791. 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

IWM 60-min chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

2 Responses to “September 7th, 2022: SP-500, IWM and QQQ Chart Update”

  1. Dave K said

    The update to that tweet from Sentiment Trader shows its about the same as 2008 when normalized for the increase in equity market cap. Interesting, in 2008 it appears to have occurred not long before the final dip in 2009.

  2. droc14 said

    pretty compelling bullish setup with (1) completing today at 4010 and the low at 3953 being (2). Not 100% sure of labeling but looks promising. ~50% retrace at 3953.

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