June 14th, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on June 14, 2023
6:30 pm EST: The SP500 opened flat 4369, rose to 4392 (day’s high), then dropped to 4338, rose to 4382 and closed at 4272.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- VIX: The VIX closed Friday June 9th and Monday June 12th in the green at 13.83 and 15.01 on a green market day. This is a ST VIX +DIV with respect to the SP500 and is a ST negative for the SP500.
- 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 ST negative for the SP500.
- NYSE Cumulative: The NYSE Cumulative closed lower on Friday June 9th and put in a -DIV with respect to the SP500 new high.
- 60-min chart Momentum: -DIV on both RSI and MACD momentum indicators.
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. Within minor 3, wave minute (3) should target at least (3)=1.23(1) at 4339 and likely (3)=1.38(1) at 4404. Assuming wave minute (3) reaches 4404, the minute (4) wave 23% Fib retrace target is at 4267.
SP-500 15-min chart:
SP-500 60-min chart:
IWM 60-min chart:
QQQ 60-min chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.