February 22nd, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on February 22, 2023
5:15 pm EST: The SP-500 opened flat from 3988, then oscillated between small loses (3977) and gains (4015) and closed at 3991.
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
- Chart Pattern (2-1-23): Potential Cup and Handle Pattern on the 4-hr chart with a target at 4708.
- Golden Cross (2-2-23): 50-day SMA (3953) closed above the 200-day SMA (3951).
- NYMO (2-21-23): The NYMO closed near -80, well below its lower BB. Triggered a potential NYMO based SP500 Buy Signal. NYNO must close back above the lower BB to confirm. Update 2-22-23: the NYMO closed back within its lower BB triggering the SP500 Buy Signal.
- VIX (2-21-23): VIX closed at 22.82, well above its upper BB. Triggered a potential VIX sell, SP500 buy signal. VIX must close back below its upper BB and have a following day red close to confirm. Update 2-22-23: The VIX closed at 22.29 above its upper BB so no change in the VIX Sell, SP500 buy signal from 2-21-23.
Wave 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 = 1.23*minor 1 at 4512. Within minor 3, the minute (1) of minor 3 wave ended at 4195. The minute (2) wave pull-back is nearly complete at 3995 near the 50% Fib of 3980 or could reach the 62% Fib at 3927 (alt blue labels). Note: The primary (white/green) as labeled is valid above the minute (2) or minor 3 above the minor 2 low at 3764.
SP-500 15-min chart:
SP-500 60-min chart:
IWM 60-min chart:
QQQ 60-min chart:
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