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September 13th, 2022: SP-500 Chart Update

Posted by pugsma on September 13, 2022

5:20 pm EST: The SP-500 gapped down from 4110 to 4038, dropped to 3978, rose to 3997, then fell to 3921 and closed at 3933.

Technical Analysis: Print SharpCharts from StockCharts.com

Wave Counts: (When the market is moving fast it’s best to zoom out to the daily and weekly charts)

Notes: The two wave counts shown on below on the daily and weekly charts are at best 50/50 in terms of probability and likely favor the alternate (red) count as long as the SP500 price is below the 50-day SMA (4040), particularly if the slope turns negative. The primary (white/green) count won’t be confirmed until closing above a rising 200-day SMA (4278).

  1. The primary (white/green) count is that major [2]-P3-C3 is likely headed toward the 78%/88% Fibs at 3789 to 3723. The minor A wave of major [2] was the drop from 4326 to 3887. Minor B wave was the rise from 3887 to 4119. Now the minor C wave is headed for targets at C=0.62A = 3847, C=0.78A=3776 to C=A=3680. Note: The primary (white/green) wave count is valid above the P2-C3 low at 3637.
  2. The alternate (red) count is that major [C]-P2-C3 headed the 62% Fib for P2 at 3190. Minor 1 of major [C] was the drop from 4326 to 3887. Minor 2 was the rise from 3887 to 4119. Now the minor 3 wave is headed for a target a target at M3=1.62M1 = 3488. Note: The alternate (red) count is valid below 4326. Note: The alternate (red) wave count if valid below 4119.

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

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