January 19th, 2023: SP-500 Chart Update
Posted by pugsma on January 19, 2023
5:30 pm EST: The SP-500 gapped up from 3929 to 3912, dropped to 3885 (daily low), rallied to 3923 and closed at 3899.
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). Target 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).
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- 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.
- NYMO (1-13-23): The NYMO closed at +100. This means a pull-back is due.
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 4015. The minute (2) wave pull-back is underway with a target area of the 50%/62% Fibs of 3889 to 3859. Once minute (2) completes, the minute (3) wave up should break above 4100 and has a (3)=1.62(1) target at 4266. Note: The primary (white/green) is valid above 3764.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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