May 3rd, 2023: SP-500 Chart Update
Posted by pugsma on May 3, 2023
7:10 pm EST: The SP-500 opened flat from 4119, rose to 4137, drifted lower to 4114, rose to 4148 (day’s high), then dropped sharply to 4089 (day’s low) and closed near the low at 4091.
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 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.
- The alternate (blue) count is that wave i of (3) end at 4187 and now a wave ii of minute (3) is underway headed to a 50%/62% Fib at 3998/3953. Wave a-ii ended at 4090 and wave b-ii rebounded to the 62% Fib at 4148. Now wave c-ii is headed to c=1.62a target at 3991. Note: The alternate (blue) count as labeled is valid above 3809.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
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