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5:15 pm EST: The SP-500 gapped up from 3855 to 3896, ran up to 3937 (day’s high), dropped to 3874 and rallied to closed at 3920.
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).
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).
200-day SMA at 3940 (3-8-23): The SP-500 closed above a rising 200-day SMA (3940) for the first time since April 2022. This confirms the P2-C3 bottom at 3492!
Trifecta SP500 Buy Trigger (3-10-23):The SP500 closed below its lower BB, NYMO closed below its BB, and VIX closed above its BB.
NYMO (-108) 3-13-23:Two consecutive closes below the lower BB and below -40, often leads to a large move up on day three.
Friday (3-10-23) saw the Trifecta SP500 Buy Signal Triggered:
a) Yesterday (Monday 3-13-23) saw the SP500 BB based SP500 Buy Signal confirmed.
b) Today (Tuesday 3-14-23) saw the NYMO BB based SP500 Buy Signal confirmed.
c) Today (Tuesday 3-14-23) saw the VIX Sell based SP50O Buy Signal confirm step 1 (needs red VIX tomorrow for confirming step 2).
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 reached 3809, which is the 88% Fib area of 3815. Wave minute (3) up is underway head for (3)=1.62(1) at 4507. Wave i of minute (3) is headed for the 4086 pivot area. Note:The primary (white/green) count as labeled is valid above 3764.
The alternate (blue) wave count is that minor 2 of major [1]-P3-C3 is still on going and will target the 62% Fib retracement of minor 1 at 3723. Note: The alternate (blue) count is valid above 3492.
7:05 pm EST: The SP-500 gapped down from 3862 to 3836, quickly hit 3809 (day’s low), rallied to 3905 (day’s high), dropped to closed at 3855.
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).
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).
200-day SMA at 3940 (3-8-23): The SP-500 closed above a rising 200-day SMA (3940) for the first time since April 2022. This confirms the P2-C3 bottom at 3492!
Trifecta SP500 Buy Trigger (3-10-23):The SP500 closed below its lower BB, NYMO closed below its BB, and VIX closed above its BB.
NYMO (-108):Two consecutive closes below the lower BB and below -40, often leads to a large move up on day three.
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 reached 3809, which is the 88% Fib area of 3815. Note:The primary (white/green) count as labeled is valid above 3764.
The alternate (blue) wave count is that minor 2 of major [1]-P3-C3 is still on going and will target the 62% Fib retracement of minor 1 at 3723. Note: The alternate (blue) count is valid above the P2-C3 low at 3492.
5:05 pm EST: The SP-500 gapped down from 3918 to 3914, quickly hit 3878, rallied to 3934 (day’s high), dropped to 3846 (day’s low) and closed at 3861.
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).
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).
200-day SMA at 3940 (3-8-23): The SP-500 closed above a rising 200-day SMA (3940) for the first time since April 2022. This confirms the P2-C3 bottom at 3492!
Trifecta SP500 Buy Trigger (3-10-23):The SP500 closed below its lower BB, NYMO closed below its BB, and VIX closed above its BB.
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 still underway and likely headed for the 78%/88% Fib area of 3859/3815. Note:The primary (white/green) count as labeled is valid above 3764.
The alternate (blue) wave count is that minor 2 of major [1]-P3-C3 is still on going and will target the 62% Fib retracement of minor 1 at 3723.
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:
Posted in Premium | Comments Off on March 10th, 2023: SP-500 Chart Update
5:50 pm EST: The SP-500 gapped up from 3992 to 3997, quickly hit 4018 (day’s high), then slid lower the rest of the day to 3909 (day’s low) and closed at 3918.
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).
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).
200-day SMA at 3940 (3-8-23): The SP-500 closed above a rising 200-day SMA (3940) for the first time since April 2022. This confirms the P2-C3 bottom at 3492!
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 still underway and likely headed for the 78%/88% Fib area of 3859/3815. Note:The primary (white/green) count as labeled is valid above 3764.
6:20 pm EST: The SP-500 opened flat from 3986, traded sideways, rose to 4000 (day’s high), dropped to 3970 (day’s low) and closed at 3992.
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).
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).
200-day SMA at 3940 (3-8-23): The SP-500 closed above a rising 200-day SMA (3940) for the first time since April 2022. This confirms the P2-C3 bottom at 3492!
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 at 3928 precisely at the 62% Fib of 3927. The minute (3) of minor 3 wave up is underway and headed above 4195 to the (3)=1.23(1) target at 4458. Wave i-(3) reached 4078 and ii-(3) hit 3970, which is in-between the 62%/78% Fibs at 3986/3961. Note:The primary (white/green) count as labeled is valid above 3928.
The alternate (blue) count is minute (2) of minor 3 dropping to the 78%/88% target area of 3859/3817. There is a c=a target at 3811. Note: The alternate (blue) count is valid above the minor 2 low at 3764.
9:20 pm EST: The SP-500 opened flat from 4048, traded sideways, dropped to 4009, rallied to 4036 (day’s high), then dropped to 3980 (day’s low) and closed at 3986.
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).
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).
200-day SMA (3940): Critical moving average support 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 at 3928 precisely at the 62% Fib of 3927. The minute (3) of minor 3 wave up is underway and headed above 4195 to the (3)=1.23(1) target at 4458. Wave i-(3) reached 4078 and ii-(3) should target the 62%/78% Fibs at 3986/3961. Note:The primary (white/green) count as labeled is valid above 3928.
The alternate (blue) count is minute (2) of minor 3 dropping to the 78%/88% target area of 3859/3817. There is a c=a target at 3811, Note: The alternate (blue) count is valid above the minor 2 low at 3764.
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