April 28th, 2023: SP-500 Chart Update
Posted by pugsma on April 28, 2023
1:35 pm EST: The SP-500 gapped down from 4135 to 4131, quickly hit 4127 (day’s low), then rose steadily to hit 4166…
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)
- 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. 4-27-23 the NYMO closed at -12 well above it’s lower BB confirm the SP500 Buy Signal.
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 headed for (3)=1.38(1) at 4339. Within minute (1), wave i of minute (3) completed at 4133. Wave ii-(3) completed at 4049, just above the 38% Fib at 4032. Holding the 38% during a wave ii is very bullish. Wave iii-(3) is underway with a very conservative target at iii=0.78i at 4302. Note: The primary (white/green) count as labeled is valid above 4049 as labeled.
House Keeping: Thanks to all those (60+) who signed up the April Free Trial. The April Free Trail ends with today’s April 28th blog post. It was nice to see old regulars back. Everyone was very respectful, which is a pleasure to manage. Check your e-mail for an e-mail offer to remain with the premium service.
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:
SP-500 monthly chart:
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