June 26th, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on June 26, 2023
5:20 pm EST: The SP-500 opened flat from 4348, rose to 4362 (day’s high) and then faded the rest of the day to close on the low at 4329.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- NYMO: The NYMO closed green on June 26th with the SP-500 closing in the red. Potential ST +DIV.
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
- Daily Chart Support: SP500 4328 is a back-test of the August 2022 high at 4326.
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 4328, 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.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
IWM 60-min chart:
IWM daily chart:
QQQ 60-min chart:
QQQ daily chart:
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