#SP500 = Daily Analysis = 22.02.2022 #SPX #DowJones $SPY $DIA #ES_F $NDX $QQQ #ElliottWaves #RUT #fintwit

If SPX closes on February 28 below the January’s low, it is moving lower, at least to $3850 and quite possibly towards $3250.

This SP500 overview contains the charts and covers:
– SP500 – TA and Japanese Candlesticks analysis;
– short and long term charts and forecasts for SP500.

The latest weekly report:
https://investingangles.com/2022/02/19/sp500-weekly-analysis-19-02-2022-spx-dowjones-spy-dia-es_f-ndx-qqq-elliottwaves-rut-fintwit/

Latest Market Monthly Analysis (link)

TA & CANDLES
SP500

The monthly and weekly candles were discussed in details in the weekly report. Both monthly and weekly odds remain bearish until negated.

Daily
DIA and IWM closed the day with standard bearish continuation candles. SPY and QQQ formed doji/Spinning Bottoms which, if confirmed tomorrow, could be a start of at least a short-term rally.
The technical indicators for all indices signal a continued move downwards. Some indicators signaled a possible entry into wave 3. If confirmed, be aware of a possible acceleration down.
SPY and DIA are close to forming a 50/100 DMA bearish crosses, joining QQQ and IWM.
Odds: Bearish

ELLIOTT WAVES SP500

SPX
This long term forecast was first charted in September and than simplified in December. The details were posted on January 20 and there have been no changes since: https://investingangles.com/2022/01/20/sp500-long-term-forecast-bear-case-20-01-2022-spx-spy-sp500-es_f-elliottwave/

SP500 Short Term
We have been tracking these two possible paths since February 7th. So far, we have not seen an event that would trigger a change.

  1. Purple (primary).
    Main hypothesis – wave C has started. So far, the wave down looks motive and it is possible that SPX is entering wave iii of C, the heart of decline.
    The target area: $3230-80; the most probable – $3248.
    Alternative target: $3850.
    Timing for the primary target: March 11-18.
  2. Red.
    SPX could make a more complex wave B.
    The red count has the lower odds at this point.

SUMMARY:

Short Term Forecast:
SP500 is expected to continue decline with a decent chance of acceleration.

Mid Term Forecast:
(unchanged, copy from the monthly analysis)
Expect SP500 to move lower in February, most likely in the second half.
Targets: $3850-3250, or a 20-33% loss off the top.
Minimal target – $3850 or 20% loss.

For a complete picture, it is highly recommended to review the VIX Daily Analysis posted earlier:
https://investingangles.com/2022/02/22/vix-daily-update-22-02-2022-stockmarket-vxx-investing-trading-volatility/

Link to the Weekly Analyses

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