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September 8th, 2022: SP-500 Chart Update

Posted by pugsma on September 8, 2022

5:25 pm EST: The SP-500 gapped down from 3980 to 3960, quickly hit 3945 (day’s low), then rallied to 4010 (day’s high), dropped to 3954 and closed at 4006.

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 in its very early stages. The major [3]=4.21[1] target is at 6787 and will take several years to complete. During the next year the minor 1 of major [3] will target a new all-time high above 4819 (see the daily chart). The minute (1) of minor 1 of major [3] wave should target 4230 (see the 15-min and 60-min charts). Minuette i of minute (1) completed at 4010. Minutte ii of minute (1) could have completed at 3954 or might need to retrace to the 50% Fib at 3949 (blue labels). Assuming the minuette ii low was 3954, the wave iii=1.62i is a 4153. The 23% Fib or wave iv-(1) is at 4107 and the v=i target is 4230. Note: The primary (white/green) count remains valid above the major [2] low at 3887. However, the SP500 needs to move above 4018 intra-day and close 4080 to fully confirm the major [2] low.

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

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