#SP500 = Daily Analysis = 03.03.2022 #SPX $SPY $DIA #ES_F $NDX $QQQ

If the current wave is indeed a diagonal, expect #SPX to swiftly return to $4100.

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

Latest SP500 Monthly:
https://investingangles.com/2022/02/28/sp500-monthly-analysis-28-02-2022-spx-spy-dia-es_f-ndx-qqq-dax-nikkei-ftse-cac40-asx200/

CANDLES & TA

SPX made a Dark Cloud Cover today and the odds are back to bearish. If the formation is confirmed tomorrow (and the indicators are quite supportive of a move downwards), there will be a good chance of cementing the bearish odds on the weekly frame.

ELLIOTT WAVES SP500

SPX
This long term forecast was first charted in September. The details were posted on January 20 and the chart remains intact: 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 paths for almost a month, since February 7th. So far, we have not seen an event that would trigger a change in targets.

1. Red (primary):
SPX makes a more complex wave B before starting wave C, possibly working on an ending diagonal for wave c of B.

2. Purple:
Main hypothesis – wave C has started.

SUMMARY:

The monthly odds for SPX and other global indices are bearish and the index is expected to hit lower levels in March. By the way, FTSE, DAX and CAC closed today with very bearish formations.

There is a possible ending diagonal being formed or already completed (note two alt diagonal counts). If SPX breaks below ~$4300, expect a swift move towards ~$4100

The longer term target area remains the same: $3230-80; the most probable – $3248.
Alternative (minimal) target: $3850.
Timing for the primary target: March 11-18*

If SPX breaks above $4480, a bullish or a more complex bearish count could come into picture, depending on the Friday’s candle closure.

To get one more perspective, I highly recommend the daily analysis of VIX that can be viewed here.

*Note that timing is the most challenging part of forecast.

Long Term Forecast for RUT:
https://investingangles.com/2022/02/26/rut-weekly-update-26-02-2022-rty_f-iwm-smallcap-investing-iwm/

Link to the Weekly Analyses

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