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January 30th, 2023: SP-500, IWM and QQQ Chart Update

Posted by pugsma on January 30, 2023

9:45 pm EST: The SP-500 gapped down from 4071 to 4049, quickly hit 4045, rose to 4064 (day’s high) and then slid the rest of the day to close on the low at 4018.

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

  1. 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.
  2. 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:

  1. 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 above 4015 and then above 4100 and has a (3)=1.62(1) target at 4292. Withing minute (3), wave i-(3) reached 4039 and ii-(3) retraced to 3949 at the 62% Fib area. Wave iii-(3) is underway with a target of 4198, where iii=1.62i. Note: The primary (white/green) as labeled is valid above 3885.
  2. A slight variation to the primary count is the alternate (blue) count that has minute (1) of minor 3 complete at 4094. The minute (2) of minor 3 wave pull-back is underway to a 38%/50% Fib retrace of 3967 to 3929. Note: The alternate (blue) as labeled is valid above 3764.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

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