June 6th, 2023: SP-500 Chart Update
Posted by pugsma on June 6, 2023
5:25 pm EST: The SP500 gapped down from 4274 to 4271, dropped to 4263 (day’s low), rose to 4288, dropped to 4268 and closed at 4284.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
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.
- VIX: VIX closed below 15 on June 2nd at 14.65, which is a multi-year low. A VIX close below 15, typically occurs at the beginning of a cyclical bull market.
Wave Counts:
- The primary (white/green) wave count is minor 3 of major [1]-P3-C3 underway headed for M3=1.23M1 target at 4511. Withing minor 3, wave minute (3) should target at least (3)=1.23(1) at 4339.
- The alternate (blue) wave count is that minor 3 will end where M3=M1 at 4372.
SP-500 60-min chart:
SP-500 daily chart:
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