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November 21st, 2022: SP-500 Chart Update

Posted by pugsma on November 21, 2022

4:35 pm EST: The SP-500 gapped down from 3967 to 3957, dropped to 3933 (day’s low), climbed to 3960 (day’s high) and closed at 3950.

Technical Analysis: Print SharpCharts from StockCharts.com

Chart Pattern: There is a confirmed bullish Inverse Head and Shoulders (IHS) on the 60-min chart with head at 3492, neckline at 3912 and target of 4332 (The daily close at 3954 above the 3912 neckline on Thursday, Nov 10th triggered the pattern. Thurs, Nov 17th was a back-test of the IHS neckline at 3906).

Wave Count: The primary (white/green) count is that minor 1 of major [1]-P3-C3 was the move up to 3912 for the P2-c3 low at 3492. The minor 2 wave retraced to the 50% Fib of minor 1 at 3698. The minor 3 wave up is well underway with an initial target of M3=1.62M1 at 4378. Within minor 3, the minute (1) wave reached 4029. The minute (2) wave may have completed at 3906, which was a 38% Fib retrace or may need to drop further to the 50%/62% Fib retrace area of 3863/3824 (alt blue label). Once minute (2) wave completes the wave (3) will break above 4029. Note: The primary (white/green) count is valid above 3906 and the alt(blue) valid below 3980.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

One Response to “November 21st, 2022: SP-500 Chart Update”

  1. pugsma said

    The consolidation of price after the large move higher in the SP500 has allowed the daily BB to pry open to the 200-day SMA at 4062.


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