September 19th, 2022: SP-500 Chart Update
Posted by pugsma on September 19, 2022
6:25 pm EST: The SP-500 gapped down from 3872 to 3850, dropped quickly to 3838, then rose steadily all day to close on the high at 3900.
Technical Analysis: Print SharpCharts from StockCharts.com
- NYMO: There is bullish +DIV between the early Sept and mid-Sept lows.
- VIX: There is bullish -DIV between the early Sept and mid-Sept lows.
- NYAD: There is bullish +DIV between the early Sept and mid-Sept lows.
Wave Counts:
- The primary (white/green) count is that major [2]-P3-C3 wave bottom at 3837, where minor C=0.62A at 3847. The very early stage of the major [3]-P3-C3 wave up is underway. Note: The primary (white/green) count remains valid above 3837. The SP-500 must clear 4119 and then the 200-day SMA at 4255 to confirm major [2]-P3-C3 low.
- The alternate (blue) count is that major [2]-P3-C3 is headed toward at test of June low of 3637 at the 78%/88% Fibs of 3789 to 3723. The minor A wave of major [2] was the drop from 4326 to 3887. Minor B wave was the 50% Fib retrace from 3887 to 4119. Now the minor C wave is headed for targets C=0.78A=3776 to C=A=3680. Note: The alternate (blue) wave count is valid above the P2-C3 low at 3637.
- 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 50% Fib rise from 3887 to 4119. Now the minor 3 wave is headed for a target a target at M3=1.62M1 = 3488. Within minor 3, minute (1) completed at 3887 and now minute (2) should retrace to the 50% Fib at 3978. Note: The alternate (red) wave count is valid below 4119.
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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