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October 31st, 2022: SP-500, IWM and QQQ Chart Update

Posted by pugsma on October 31, 2022

4:20 pm EST: The SP-500 gapped down 3901 to 3872, quickly dropped to 3863 (day’s low) and then traded sideways between 3892 and 3866 and closed at 3872.

Chart Pattern: There is a bullish Inverse Head and Shoulders (IHS) Pattern on the 15-min and 60-min chart with head at 3492, sloping neckline at 3785 average and target at 3785 + (3785-3492) = 4078.

Technical Analysis: Print SharpCharts from StockCharts.com

SP500 Technical Analysis

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

4 Responses to “October 31st, 2022: SP-500, IWM and QQQ Chart Update”

  1. Claudiu Lincaru said

    So far the Spx is playing by your charts. U are a true Composer.

  2. pugsma said

    House Keep; Today 3912 to 3843 price range did not change the charts above. 3843 fits with the primary (white/green) count minute (4). No chart update tonight. Next update will be at the close on Wednesday after the Fed Announcement.

  3. Michael Kalin said

    Steve, any commentary on the $VIX? It was sure strange today watching the market and the $VIX cascade lower. Yes, $VIX ended up (just a bit), but something isn’t right. What happens if $VIX spikes?

  4. Antonio Ruscitti said

    He did not say that. He said quite the opposite.

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