June 22nd, 2023: SP-500 Chart Update
Posted by pugsma on June 22, 2023
5:20 pm EST: The SP-500 gapped down from 4365 to 4357, dropped quickly to 4352 (day’s low), then rose the rest of the to close on the high at 4381.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- VIX: Closed red on Tuesday, Wednesday and again on Thursday June 22nd and is now below 13!.
- 60-min chart Momentum: On Wednesday, June 21st a ST +DIV developed on the RSI. On Thursday, June 22nd the MCAD closed with a bull-cross.
Key Technical Indicators (Intermediate to 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.
- NYSE Cumulative: On Friday, June 16th the NYSE Cumulative put in a -DIV with respect to the SP500 high at 4195 in early February versus this 4448 new high. $NYAD | SharpCharts | StockCharts.com
Wave Count(s):
- The primary (white/green) wave count is minor 3 of major [1]-P3-C3 underway and headed for M3=1.23M1 target at 4512. Within minor 3, wave minute (3) has reached 4448 and targeted the area between (3)=1.38(1) at 4404 and (3)=1.62(1) at 4507. With wave minute (3) ending at 4448, the minute (4) wave 13%/23% Fib retrace target area is at 4365 (hit 4352, Primary (white/green) to 4301 (Alternate blue). Once minute (4) completes, there will be one more minute (5) to complete minor 3 near the M3=1.23M1 target at 4512. Note: Breaking above 4448 will confirm the minute (5) wave higher to 4512 or breaking below 4352 will confirm the minute (4) lower to 4301.
House Keeping: No blog post on Friday, June 23rd. The next blog post will be on Monday, June 26th.
Have a great weekend!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.