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October 24th, 2022: SP-500, IWM and QQQ Chart Update

Posted by pugsma on October 24, 2022

4:50 pm EST: The SP-500 gapped up from 3752 to 3762, quickly hit 3697, dropped to 3741 (day’s low) then rallied steadily all day to 3810 (day’s high) and closed at 3797.

Chart Pattern: There is potential bullish Inverse Head and Shoulder (IHS) Pattern on the 60-min chart with head at 3492, sloping neckline at 3785 average and target at 3785 + (3785-3492) = 4078.

Wave Count: The primary (white/green) count is that major [Z]-P2-C3 bottomed at 3492 right at the 50% Fib in price (3505) and 50% Fib in time (Oct 2022) of P1-C3. Minute (1) of minor 1 of major [1]-P3 complete at 3712. The minute (2) pull-back completed at 3580, at the 62% Fib retrace of 3576. The minute (3) wave up is underway and will move above 3900, with a (3)=1.62(1) target at 3936. The minor 1 of major [1] target is the 4086 pivot area. Note: The primary (white/green) count is valid above 3492.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

IWM daily chart:

IWM Technical Analysis

QQ 60-min chart:

QQQ Technical Analysis

QQQ daily chart:

QQQ Technical Analysis

9 Responses to “October 24th, 2022: SP-500, IWM and QQQ Chart Update”

  1. pugsma said

    The DIJA-30 is showing tremendous relative strength and closed at 31,500 above it’s falling 50-day SMA (31,080) today.

    The SP-500 closed at 3797 above it’s 34-day EMA (3766) but well below it’s falling 50-day SMA (3877)

    The QQQ and IWM are lagging on this move up only reaching their respective 34-day EMA’s today. Leadership in the IWM needs to return…

  2. pugsma said

    The SP500 is following my 15-min chart like reading from a script. 😎

  3. pugsma said

    The falling SP500 50-day SMA comes in today at 3867.

    My conservative wave iii-(3) of minor 1 target is 3873, where iii = 1.23i.

    • pugsma said

      Just look at the 15-min chart that is unchanged since the wave ii-(3) low at 3647. It has a wave count road map up to the IHS target of 4078.

  4. pugsma said

    Timing for the completion of the minor 1 wave at 4078.

    The Fed is the 2 week blackout period ahead of the Nov 2nd meeting announcement. Thus they can not come out with any hawkish comments to attempt to tamp down this market rally. Thus, I’d expect this rally to continue into Nov 2nd.

    The Fed is very likely to be unhappy with this market rally and will likely use language on Nov 2nd to set a hawkish tone once again. That should help to usher in the minor 2 wave drop.

  5. pugsma said

    The SP500 is rapidly approaching it’s falling 50-day SMA at 3868.

    Note: On Tuesday, July 19th the SP-500 was in the exact same point at it’s falling 50-day SMA at 3919. It closed above it and then never looked back rallying to 4326 (+10%) over the next 3 weeks.

    • pugsma said

      Wave retracements can be large until the VIX settles under 20 and as long as the SP500 is below a falling 200-day SMA.

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