April 5th, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on April 5, 2023
7:35 pm EST: The SP-500 gapped down from 4100 to 4095, dropped to 4073 (day’s low) and closed at 4090.
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
- 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!
- Seasonality: The SP-500 past 20-years of seasonality shows a low in March and a rally the rest of the year.
- Zweig Breadth Trust (ZBT) (3-31-23): The ZBT signal triggered on Friday, 3-31-23 with a 10th day close above 0.615 (See the ZBT Chart Here: Print SharpCharts from StockCharts.com)
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) completed at 4039. The wave ii-(3) completed at 3909, in between the 50%/62% Fib area. Wave iii-(3) up is headed to a target well above 4195, where iii=1.62i at 4282. Note: The primary (white/green) count as labeled is valid above 3909 as labeled.
SP-500 15-min chart:
SP-500 60-min chart:
IWM 60-min chart:
QQQ 60-min chart:
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