May 1st, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on May 1, 2023
6:35 pm EST: The SP-500 opened flat from 4169, rose to 4187 (day’s high), drifted lower to 4164 and closed at 4167.
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.
SP-500 15-min chart:
SP-500 60-min chart:
IWM 60-min chart:
QQQ 60-min chart:
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