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August 17th, 2023: SP-500 Chart Update

Posted by pugsma on August 17, 2023

2:10 pm EST: The SP500 gapped up from 4404 to 4416, quickly hit 4421 (day’s high) and then faded lower to 4392…

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

  1. Chart Pattern: Potential Bull Flag with a target of 4817.
  2. NYMO: On Wed, Aug 16th the NYMO closed at -88 below its lower BB (-84), setting up a SP500 Buy trigger. The NYMO is extremely over-sold below -80. Levels between -80 and -100 set key bottoms.
  3. SP500 BB: On Wed, Aug 16th, the SP500 closed at 4404 below the 4414 lower BB, setting up a potential SP500 Buy trigger.

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. SP500 Seasonality: The past 20-year seasonality shows a July peak, August consolidation and then a continued rally into the end of the year.

Wave Count(s):

  1. The primary (white/green) wave count is minor 4 of major [1]-P3-C3 is complete or nearly complete at 4392, just below the 23% Fib target of 4413. There is a (y)=(w) target at 4384. The minor 5 wave is headed above 4607 with a M5=M1 target at 5000.
  2. The alternate (blue) wave count is that minor 4 of major [1]-P3-C3 is completing minute (c) of an (a)-(b)-(c) zig-zag that will take the minor 4 to near the 38% Fib at 4287. The minute (c)=1.62(a) target is at 4295. The wave (4) of previous degree target is at 4323. Note: The alt (blue) count is valid above the minor 1 high at 4100.

House Keeping: No blog update on Friday, August 18th. The next blog update will be on Monday, August 21st.

Have a great weekend!

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

This entry was posted on August 17, 2023 at 2:09 pm and is filed under Premium, 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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