January 12th, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on January 12, 2023
3:15 pm EST: The SP-500 gapped up from 3970 to 3977, quickly hit 3982, dropped to 3937 (day’s low), then rose to 3998 (day’s high)…
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). Targets for P2-C3:
- 50% Fib of Price and Time is at 3505 and 10.5 months (mid-Oct to mid-Nov 2022). (Primary count P2-C3 low at 3492 on Oct 13th, 2022).
- 62% Fib of Price and Time is at 3190 and 13 months (Jan to Feb 2023). (Alt red count P2-C3 Target)
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- NYMO (12-28-22): The NYMO put in a ST +DIV over the past 2-weeks with a new SP500 closing low at 3783 on Dec 28th, 2022.
- NYMO (1-4-23): The NYMO closed above +20, which is typically an indicator of a new bull wave higher.
- NYMO (1-11-23): The NYMO closed near +80 and above +20 for 6 consecutive days.
- NYSE A-D Line Cumulative (1-11-23): Made a new closing high above where the SP-500 hit 4100 in early December. The NYSE A-D Line cumulative often leads the SP500 meaning the SP500 should break above 4100.
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 minor 2 wave completed at 3764 just below the 50% Fib of 3796. The minor 3 wave up is underway with a minimum target of minor 3 = minor 1 at 4372. Within minor 3, the minute (1) of minor 3 wave ended at 3950 (3950 pivot area). The minute (2) wave retraced to 3877, just above the 50% Fib at 3857. The minute (3) wave ups underway and should break above 4100 and has a (3)=2.0(1) target at 4229. Note: The primary (white/green) is valid above 3877 and is confirmed on a break above 4100.
- The alternate (blue) wave count variation to the primary (white/green) count is that minute (1) of minor 3 is ending in the 3998 to 4009 range to be followed by a minute (2) pull-back to the 38%/50% Fib at 3887/3916. Note: The alternate (blue) is valid above 3764 and is confirmed on a break above 4100.
- 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. Within 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 3764. The minute (2) wave is targeting the 62%/78% Fib range of 3973/4026. Once minute (2) completes. the minute (3) wave should break below 3764 and target (3)=1.62(1) of 3404. Note: The alternate (red) count is valid below 4101 and is confirmed on a break below 3764 and then below 3492.
SP-500 15-min chart:
SP-500 60-min chart:
IWM 60-min chart:
QQQ 60-min chart:
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