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April 26th, 2023: SP-500 Chart Update

Posted by pugsma on April 26, 2023

7:55 pm EST:  The SP-500 gapped up from 4072 to 4081, quicky hit 4087, dropped to 4062, then rallied to 4090 (day’s high), dropped to 4049 (day’s low) and closed at 4056.

Key Technical Indicators (Short to Intermediate Term)  Print SharpCharts from StockCharts.com

  1. Golden Cross (2-2-23): 50-day SMA (3953) closed above the 200-day SMA (3951).
  2. 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!
  3. Seasonality: The SP-500 past 20-years of seasonality shows a low in March and a rally the rest of the year.
  4. 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)
  5. NYMO (4-26-23): The NYMO closed two consecutive days below its lower BB and below -40. This is NYMO Based SP500 Buy Trigger that needs a close back inside the lower BB to confirm.

Wave Counts:

  1. 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)=1.38(1) at 4339. 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) completed at 4169 and wave iv likely completed at 4049, just below the 38% Fib of 4070. Wave v-(3) up is headed above 4169 to a target at v=i=4279. Note: The primary (white/green) count as labeled is valid above 4039 as labeled.
  2. The alternate (blue) count is that i of minute (3) minor 3 completed at 4169 and now wave ii-(3) is unfolding towards the 38%/50% Fib targets of 4023 to 3989. Note: The alternate (blue) count as labeled is valid above 3809.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP-500 4-hr chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

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