May 18th, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on May 18, 2023
6:50 pm EST: The SP-500 opened flat from 4158, dipped slightly to 4154 (day’s low), rallied to 4186, dipped to 4160 and rallied into the close to hit 4202 (day’s high) and closed at 4198.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- NYMO (5-18-23): The NYMO closed above the zero line at +10. Needs to close above zero and then above +20 to be meaningful.
- NYSE Up Volume: Closed (5-17-23) as a 81% up volume day. Closed (5-18-23) as a 56% up volume day. Failed to have back-to-back 80% up volume days, thus now break away momentum trigger.
Key Technical Indicators (Long-Term):
- 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.
- Zweig Breadth Trust (ZBT) (3-31-23): The ZBT signal triggered on Friday, 3-31-23 with a 10th day close above 0.615.
- Seasonality (March to December): The SP-500 past 20-years of seasonality shows a low in March and a rally the rest of the year.
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 4187. Wave ii-(3) completed at 4048, 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=0.62i at 4282. Note: The primary (white/green) count as labeled is valid above 4099.
SP-500 15-min chart:
SP-500 60-min chart:
IWM 60-min chart:
QQQ 60-min chart:
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