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February 7th, 2023: SP-500 Chart Update

Posted by pugsma on February 7, 2023

5:20 pm EST: The SP-500 gapped down from 4111 to 4106, dropped to 4096, climbed to 4162, dropped to 4088 (day’s low), then rallied to 4176 and closed at 4164.

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. Chart Pattern (2-1-23): The SP-500 broke above 4100 trigging an Inverse Head and Shoulders (IHS) measured move up to 4436 [4100+(4100-3764)].
  2. Chart Pattern (2-3-23): Potential back-test of 4100 area break-out underway.

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% Fib of 3889. The minute (3) completed at 4195, where (3)=1.23(1) at 4193. The minute (4) pull-back ended at 4088, just above the 38% target of 4077. The minute (5) wave up is underway that will target (5)=(1) at 4339. Note: The primary (white/green) as labeled is valid above the minute (1) high at 4015.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

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