July 24th, 2023: SP-500 Chart Update
Posted by pugsma on July 24, 2023
6:45 pm EST: The SP500 gapped up from 4537 to 4543, hit 4557, dropped to 4541 (day’s low), rallied to 4563 (day’s high) and closed at 4554.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- Chart Pattern: The SP500 15-min chart shows a bullish falling wedge (and Triangle) pattern with a target at 4568 (wedge) to 4588 (triangle). Both targets were hit at 4578!
- SP-500 Daily Bollinger Band: The SP-500 closed 10 points above is daily BB on Tuesday July 18th. This condition in early Feb, early April and late June caused a sideways move followed by significant pull-back.
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.
- 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.
- NYSE Cumulative: On Wednesday July 12th the NYSE Cumulative a new recovery high confirming the SP500 new high at 4488. $NYAD | SharpCharts | StockCharts.com
- Daily Chart Momentum Indicators of MACD and RSI: Showing a potential -DIV with the new price high at 4578.
- Weekly Chart Momentum Indicator of RSI: Showing a potential -DIV with the new price high at 4578 (note this technical condition is rare and typically leads to significant pull-back).
Wave Count(s):
- The primary (white/green) wave count is minor 3 of major [1]-P3-C3 is complete at 4578, just below the target of M3=1.38M1 = 4603. 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) began from 4328: wave i-(5) reached 4458, wave ii dropped to 4385, wave iii=(5) hit 4528, wave iv-(5) dropped 4500 and wave v-(5) completed at 4578. Wave minor 4 is underway with 38% Fib retrace target of 4269. Minute (A) of minor should target the 4394 pivot area. Note: The primary (white/green) count is valid below 4578.
- The alternate (blue) wave count is that minor 3 of major [1] will make a slightly higher, high above 4578 at M3=1.38M1 = 4604.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.