February 24th, 2023: SP-500 Chart Update
Posted by pugsma on February 24, 2023
1:45 pm EST: The SP-500 gapped down from 4012 to 3974, dropped to 3943, rose to 3972, dropped to 3949…
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 at -81 with the SP500 at 3998. There will be a NYMO +DIV with NYMO closes above -81 and SP500 closes below 3998.
- VIX (2-22-23): VIX 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 2-23-23: The VIX closed below its upper BB confirming step of the VIX Sell, SP500 Buy signal. On Friday 2-24-23 the VIX most close red to confirm step 2 of the VIX Sell, SP500 Buy signal.
- 200-day SMA (3940): Critical moving support area.
- Back-test of Broken 2022 Down Channel (3900): Possible target area.
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 complete or nearly complete at 3943 near the 62% Fib of 3927 or could reach the 78%/88% Fibs area of 3858/3816 (alt blue labels). Note: The primary (white/green) and alternate (blue) counts as labeled are valid for the minute (2) or minor 3 above the minor 2 low at 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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