June 27th, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on June 27, 2023
6:05 pm EST: The SP-500 gapped up from 4328 to 4338, rose to steadily all day to hit 4384 (day’s high) and closed near the high at 4378.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- Chart Pattern: The SP500 15-min chart shows a bull falling wedge pattern with a target at 4568.
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. This 4326 level has held thus far and that is very bullish.
Wave Count(s):
- The primary (white/green) wave count is minor 3 of major [1]-P3-C3 near a completion, headed for M3=1.23M1 target at 4512. Within minor 3, wave minute (3) has reached 4448 and wave (4) dropped to 4328, just above the typical 23% Fib at 4301. Wave minute (5) underway and is headed higher 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.
- The alternate (blue) wave count is that minute (4) of minor 3 still has a little work to do towards the 23% Fib retrace of 4301 and this move up to 4384 is the b-(4) wave with c-(4) down yet to come. Note: Breaking below 4328 will confirm this alternate (blue) wave count.
SP-500 15-min chart:
SP-500 60-min chart:
IWM 60-min chart:
QQQ 60-min chart:
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