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November 10th, 2022: SP500, IWM and QQQ Chart Update

Posted by pugsma on November 10, 2022

10:25 am EST: The SP-500 gapped up from 3749 to 3860, hit 3886, dropped to 3865, rose to 3912…

Technical Analysis: Print SharpCharts from StockCharts.com

  1. VIX: The VIX continues to collapse down another -10% to 23.47.
  2. Chart Pattern: There is a potential bullish Inverse Head and Shoulders (IHS) on the 60-min chart with head at 3492, neckline at 3912 and target of 4332.

Wave Count: The primary (white/green) count is that minor 2 of major [1]-P3-C3 wave retraced to the 50% Fib of minor 1 at 3698. The minor 3 wave up is just getting underway with an initial target of M3=1.62M1 at 4378. Within minor 3, minute (1) reached 3859. The minute (2) wave has reached 3744 within the 62%/78% Fib area of 3759 to 3733. Assuming minute (2) end at 3744, the minute (3) of minor 3 wave up will be underway headed towards 4166, where (3)=2.62(1). Wave i-(3) looks to be headed for the 3950 pivot area.   Note: The primary (white/green) count minute (2) of minor 3 wave is valid above 3698.

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

QQQ 60-min chart:

QQQ Technical Analysis

5 Responses to “November 10th, 2022: SP500, IWM and QQQ Chart Update”

  1. pugsma said

    Notice on the SP500 daily chart the yellow moving average of the 125-day SMA is at 3914.

    Breaking above this the resistance at 3912 (IHS Neckline) and 125-day SMA should lead to the next big move higher.

  2. pugsma said

    IHS Bottom Discussion with big gap up…


  3. pugsma said

    Tremendous Breadth within the SP500:

    81.7% of S&P 500 stocks are now above their 50-DMAs…


    Notably, more than half of index members in the S&P are back above their 200-DMAs…


  4. pugsma said

    IMW closed at 185.38, which is above it’s 200-day SMA of 185.07.

  5. pugsma said

    It’s always difficult to find the end of a wave 1 of any degree. Just have to look at potential resistance, like the 3950 pivot. The next resistance is the 4086 pivot and 200-day SMA at 4082.

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