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June 9th, 2023: SP-500 Chart Update

Posted by pugsma on June 9, 2023

6:00 pm EST:  The SP500 gapped up from 4294 to 4302, rose to 4323 (day’s high) dropped to 4292 (day’s low) and closed at 4299.

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

  1. VIX: The VIX closed Friday June 9th in the green at 13.83 on a green market day. This is a ST VIX +DIV with respect to the SP500 and is a negative for the SP500.
  2. NYMO: The NYMO closed Thursday June 8th back inside its upper BB (after 2 consecutive days above it). Then closed Friday June 9th in the red down significantly near +30 from a recent peak of +56. This is ST NYMO -DIV with respect to the SP500 and is a negative for the SP500.
  3. NYSE Cumulative: The NYSE Cumulative closed lower and put in a -DIV with respect to the SP500 new high.

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.
  5. 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:

  1. 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. Today’s new high at 4323 qualifies as a wave v-(3) completion. The minute (4) wave 23% Fib retrace target is at 4205.
  2. The alternate (blue) wave count is that minor 3 will end where M3=M1 at 4372. Today’s new high at 4323 qualifies as a new wave (5) of minor 3 completion. The minor 4 wave 23%/38% Fib retrace target is at 4194/4111.

Have a great weekend !

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

This entry was posted on June 9, 2023 at 6:17 pm and is filed under Premium, SP-500. Tagged: , . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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