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July 6th, 2023: SP-500, IWM and QQQ Chart Update

Posted by pugsma on July 6, 2023

4:45 pm EST: The SP-500 gapped down from 4446 to 4423, dropped to 4385 (day’s low), rose to 4415 and closed at 4411.

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

  1. Chart Pattern: The SP500 15-min chart shows a bull falling wedge pattern with a target at 4568.
  2. VIX: Closed above its upper BB on Thursday, July 6th setting up step 1 of the VIX Sell, SP500 Buy signal.

Key Technical Indicators (Intermediate to 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.
  6. Daily Chart Support: On Monday June 26th the SP500 drop to 4328 is a back-test of the August 2022 high at 4326. This 4326 level has held and that is very bullish.
  7. NYSE Cumulative: On Friday, June 30th the NYSE Cumulative put in a -DIV with respect to the SP500 high at 4195 in early February versus the 4458 new high. $NYAD | SharpCharts | StockCharts.com

Wave Count(s):

  1. 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) 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: The primary (white/green) count is valid above 4328.

House Keeping: No blog post on Friday, July 7th. Next blog post will be on Monday July 10th.

Have a great weekend !

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

This entry was posted on July 6, 2023 at 4:44 pm and is filed under IWM, Premium, QQQ, 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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