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September 22nd, 2022: SP-500 Chart Update

Posted by pugsma on September 22, 2022

5:20 pm EST: The SP-500 opened flat from 3789, dropped 3749 (day’s low), rallied to 3789 (day’s high) and closed at 3758.

Technical Analysis: Print SharpCharts from StockCharts.com

  1. NYMO: There is bullish +DIV on the NYMO between the early Sept and late-Sept SP500 lows.
  2. VIX: Closed red on a red day for the SP500.
  3. NYAD: Close to making a new low below the June 2022 low.

Wave Counts: On a major low (June low of 3637) re-test like we are observing, three things are possible: 1) Hold (white/green labels), 2) Slight Break and Hold (blue labels) or 3) a decisive Break and Fall (red labels).

  1. The primary (white/green) 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 primary (white/green) wave count is valid above the P2-C3 low at 3637.
  2. The alternate (blue) count is P2-C3 is playing out as a triple Zig-Zag major [W]-[X]-[Y]-[X]-[Z], with the final (third) zig-zag major [Z] lower underway from 4326 to the 50% Fib retrace of P1-C3 at 3505. Minor A of major [Z]-P2 completed at 3887. Minor B was the 50% Fib retrace to 4119. Now the final minor C of major [Z] down is headed for 3505. There is major [Z]=[W] target at 3622. Note: The alternate (blue) wave count is valid below 3907.
  3. 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 3837 and minute (2) retraced to the 38% Fib at 3907. Now minute (3) of minor 3 down is underway with an initial target at (3)=1.62(1) = 3517. Note: The alternate (red) wave count is valid below 3907.

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

SP-500 weekly chart:

SP500 Technical Analysis

2 Responses to “September 22nd, 2022: SP-500 Chart Update”

  1. Alonso Quixano said

    Constructive criticism from a chart geek: it is confusing that the colors are dark blue for Yes in the answer bars yet dark blue for No in the pie chart.

  2. lauter1 said

    IWM at a possible nice 3 wave move on the daily holding for now the June low. Watching IWM and dollar index UUP (for reversal) for clues.

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