August 14th, 2023: SP-500 Chart Update
Posted by pugsma on August 14, 2023
5:00 pm EST: The SP500 gapped down from 4464 to 4458, dropped to 4453 (day’s low), then rallied the rest of the day to close on the high at 4490.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- Chart Pattern: Potential Bullish Falling Wedge with a target of 4770.
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.
Wave Count(s):
- The primary (white/green) wave count is minor 4 of major [1]-P3-C3 is complete at 4444, just above the 23% Fib target of 4410. The minor 5 wave headed above 4607 is underway with a M5=M1 target at 5018. Note: The primary (white/green) count is valid above 4444.
- The alternate (blue) wave count is that minor 4 of major [1]-P3-C3 is forming a double zig-zag (w)-(x)-(y) headed towards the 23% Fib target at 4410 and the 4395 pivot area. Wave minute (w) of minor 4 completed at 4444 and now minute (x) should retrace to 50%/62% Fib target area of 4525 to 4545. Once minute (x) completes, the final leg down of minor 4, minute (y) will target (y)=(x) at 4381 Note: The alternate (blue) count as labeled is valid below 4607.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
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