December 21st, 2022: SP-500 Chart Update
Posted by pugsma on December 21, 2022
5:05 pm EST: The SP-500 gapped up from 3822 to 3839, rose steadily most of the day to 3890 (day’s high) and closed at 3878.
P2-C3 Price and Time Fibonacci Targets: The P1-C3 wave rose from 2192 to 4819 and lasted from end of March 2020 to beginning of January 2022 (21 months). For P2-C3:
- 50% Fib of Price and Time is at 3505 and 10.5 months (mid-Oct to mid-Nov 2022).
- 62% Fib of Price and Time is at 3190 and 13 months (Jan to Feb 2023).
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
Chart Pattern: Double Top at 4100, neckline at 3906 and target at 3712 (Broke and closed below the neckline on Thursday, Dec 15th confirming the pattern and target.)
Wave Counts:
- The primary (white/green) wave count is the completion of minor 1 of major [1]-P3-C3 as a leading diagonal at 4100, where minute (5)>(3)>(1). The initial minor 2 wave completed at 3796, which was the 50% Fib retracement. The alternate (blue) count is a deeper 62%/78% Fib retracement for minor 2 at 3726 to 3626. Note: The primary (white/green) is valid above 3796 and alternate (blue) counts is valid for minor 2 above the P2 low at 3492.
- The alternate (red) wave count is that the P2-C3 wave that began in early 2022 is still ongoing and entering its final leg to new lows at the 62% Fib of price (3190) and time (Feb-Mar 2023). P2-C3 is tracing out a large double Zig-Zag, major [Y]-[X]-[Y]. Major [Y]-P2 completed in June at 3637 and major [X]-P2 completed at 4326 in August. The major [Y]-P2 wave lower has been underway since August and has a [Y]=[W] target of 3147. Withing major [Y], minor A dropped to 3492 and minor B rose to 4101. Now minor C of major [Y] is headed below 3492, where minor C=A at 3267. Within minor C, minute (1) completed at 3796 and now the minute (2) wave up target a 50% Fib retracement at 3949. Note: The alternate (red) count is valid below 4101.
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:
- Pricing for 2023 remains the same as 2022. (0% inflation!)
- Discounted Annual Subscriptions (14% savings vs Quarterly) are only available during December each calendar year.
- 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.
- 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.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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