May 31st, 2023: SP-500 Chart Update
Posted by pugsma on May 31, 2023
6:35 pm EST: The SP500 gapped down from 4205 to 4191, dropped to 4166 (day’s low), rallied to 4195 (day’s high) and closed at 4180.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- NYMO: Closed at -18 on May 31st. NYMO continues to struggle to stay above the zero line and close above the key +20 threshold needed to signal a strong impulse wave higher.
- Seasonality (Late May to Mid-June): The SP-500 past 20 years of seasonality shows moderate strength to a new yearly high.
- Seasonality (Mid-June to Mid-July): Shows weakness to test the Mid-May low.
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 a leading diagonal for major [1]-P3-C3. The completion of minor 1 of major [1]-P3-C3 ended at 4100. The minor 2 wave completed at 3764 just below the 50% Fib of 3796. The minor 3 wave up looks to ending here (4231) where minor 3 = 0.78*minor1 at 4238. Within minor 3, wave (c)=(a) at 4240. Also, the minute (c) looks like an ending diagonal that has max extension of 4273. Once minor 3 end, the minor 4 wave should drop to the 23%/38% Fib retrace area at 4124 to 4054. And finally the minor 5 wave of major [1] should reach 4418 to 4488, depending on the minor 4 low at 4124 to 4054.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
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