October 4th, 2022: SP-500 Chart Update
Posted by pugsma on October 4, 2022
12:00 pm EST: The SP-500 gapped up from 3678 to 3736, rose to 3789…
Technical Analysis: Print SharpCharts from StockCharts.com
- $NYMO: Intra-day is above +20 after being at -128 last week (This is sign of an initiation bull wave P3-C3). NYMO readings below -100 lead to new all-time SP500 highs within 1 year.
- ZTB (Zweig Breadth Trust): On Friday, Sept 30th the ZBT indicator closed below 0.40 at 0.38 and on Monday, Oct 3rd it closed at 0.46. This triggered a potential ZBT signal. The ZBT now has 10 trading days (until EOD Friday Oct 14th) to close above 0.615 and produce a ZBT signal (ZBT signals are extremely rare and are extremely bullish). ZTB Chart: Print SharpCharts from StockCharts.com
Wave Counts:
- The primary (white/green) count is that P2-C3 played out as a triple Zig-Zag major [W]-[X]-[Y]-[X]-[Z], with the final (third) zig-zag major [Z] complete at 3584, near the major [Z]=[W] target of 3622 and 50% Fib of P1 at 3505. The initial target for minor 1 of major [1]-P3-C3 is at the 4119 pivot area. Minute (1) of minor 1 looks to headed for the 3818 to 3838 area. Note: The primary (white/green) wave count is valid above 3584.
- 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. Minor 3 wave completed at 3584, where M3=1.23M1 = 3579. Minor 4 has retraced 3789 to the 38% Fib at 3787. Once minor 4 complete the minor 5 wave lower should target 3348, where minor 5=1. Note: The alternate (red) wave count minor 4 wave is valid below the minor 1 low at 3887.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.