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June 2nd, 2023: SP-500 Chart Update

Posted by pugsma on June 2, 2023

1:00 pm EST:  The SP500 gapped up from 4221 to 4241, quickly hit 4267, dipped to 4243 (day’s low), then rallied to 4281…

Key Technical Indicators (Short to Intermediate Term)  Print SharpCharts from StockCharts.com

  1. VIX: Closed at 15.65 on June 1st; a multi-month closing low. VIX is below 15 intra-day on June 2nd, which would be a multi-year low.
  2. Seasonality (Late May to Mid-June): The SP-500 past 20 years of seasonality shows moderate strength to a new yearly high.
  3. Seasonality (Mid-June to Mid-July): Shows weakness to test the Mid-May low.

Key Technical Indicators (Long-Term):

  1. Golden Cross (2-2-23): 50-day SMA (3953) closed above the 200-day SMA (3951).
  2. 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.
  3. Zweig Breadth Trust (ZBT) (3-31-23): The ZBT signal triggered on Friday, 3-31-23 with a 10th day close above 0.615.
  4. 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:

  1. 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 be ending where minor 3 = 0.88*minor1 at 4299 (Note: Max for an ED is M3=M1 at 4372). Once minor 3 ends, the minor 4 wave should drop to the 23%/38% Fib retrace area at 4176 to 4095. And finally, the minor 5 wave of major [1] should reach 4569, assuming the minor 4 low is at 4095 and minor 5 wave equals the minor 1 wave.

Have a great weekend!

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

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