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December 2nd, 2022: SP-500 Chart Update

Posted by pugsma on December 2, 2022

1:55 pm EST: The SP-500 gapped down from 4076 to 4040, quickly hit 4027, rallied to 4065, dipped to 4046… The bear/bull battle at the 4086 pivot and daily chart, year long down trend line that I foreshadowed early this week is now playing out here at the end of week.

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 Counts:

  1. The primary (white/green) count is that minor 1 of major [1]-P3-C3 was the move up to 3912 from 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 wave i of minute (3) completed at 4034. Wave ii-(3) hit the 78% Fib at 3938. Wave ii-(3) up is underway towards 4191 pivot area, where iii=1.23i. The wave minute (3) target is at 4313, where (3)=1.23(1). Note: The primary (white/green) count for wave ii-(3) is valid above the minute (2) low at 3906
  2. The new alternate (blue) count is the completion of minor 1 of major [1]-P3-C3 as a leading diagonal at 4100, where minute (5)>(3)>(1). The minor 2 wave targets are at the 50%/62% Fibs at 3796/3726. Note: The alternate (blue) count is valid below the 4100 minor 1 high. Break below 3906 will confirm the alternate (blue) count.

House Keeping: I have opened the enrollment for the 2023 Quarterly and Annual Premium Service: https://pugsma.com/2022/12/01/december-1st-2022-sign-up-for-2023-quarterly-or-annual-premium-service/#respond

A few notes:

  1. Pricing for 2023 remains the same as 2022. (0% inflation!)
  2. Discounted Annual Subscriptions (14% savings vs Quarterly) are only available during December each calendar year.
  3. I have decided to roll the Custom Chart Archive Service back into the Premium Service. Thus, the custom stock charts that I chose on my own to complete will be available to all Premium Service subscribers. This is bonus for 2023 at the same Premium Service price.
  4. I have kept the Custom Chart Technical Analysis Service for those that want to order personalized custom charts for a stock that they request.

Thank you for your business and support during 2022 and for many of you since the beginning in year 2009. I really appreciate all the informative and encouraging comments towards my TA work over the years. It’s been a great community of investors/traders here at PUG SMA. Wishing everyone a successful end of 2022 and prosperous new year in 2023! Thanks again! -Steve

Have a great weekend!

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

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