November 22nd, 2022: SP-500 Chart Update
Posted by pugsma on November 22, 2022
5:05 pm EST: The SP-500 gapped up from 3950 to 3965, quickly hit 3972, dropped to 3957 (day’s low), then climbed all today to close on the high at 4004.
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 completed at 3906, which was a 38% Fib retrace. The initial wve i of minute (3) will break above 4029 and target the 4086 pivot (200-day SMA of 4062). Note: The primary (white/green) count is valid above 3906.
House Keeping: This the last update blog update for the Thanksgiving week. US Markets are closed on Thursday, Nov 24th and only open the morning on Friday, Nov 25th. Next blog update will be on Monday, Nov 28th (my 35th Wedding Anniversary).
Have a great long Thanksgiving Day weekend with friends and family!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart: (Notice the weekly +DIV on both the MACD and RSI, first time since March 2009)
SP-500 monthly chart:
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