January 20th, 2023: SP-500 Chart Update
Posted by pugsma on January 20, 2023
5:10 pm EST: The SP-500 gapped up from 3o 3899 to 3907, hit 3913 dropped to 3898 (daily low), rallied the rest of the day to 3973 (daily high) and near the high at 3972.
P2-C3 Price and Time Fibonacci Targets: The P1-C3 bull 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.
- NYSE (1-20-23): The NSYE A-D Line cumulative again made a new recovery high. This again shows tremendous underlying broad market buying.
Wave Count:
- 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 completed at 3885 near the 50% Fibs of 3889. The minute (3) wave up should break above4015 and then above 4100 and has a (3)=1.62(1) target at 4292. Withing minute (3), wave i-(3) should target the 4086 pivot. Note: The primary (white/green) is valid above 3764.
Have a great weekend !
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
SP-500 weekly chart:
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