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August 28th, 2023: SP-500 Chart Update

Posted by pugsma on August 28, 2023

10:55 pm EST: The SP500 gapped up from 4405 to 4425, quickly hit 4438, traded sideways above 4415, rallied to 4439 (day’s high) and closed at 4433.

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

  1. NYMO: The NYMO closed at -10 on Monday, August 28th with the SP500 at 4333 above the -37 NYMO with the SP500 4438. The SP500 should close above 4438 in the short-term.

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 at 4335, just above the 38% Fibonacci retrace target of 4287. There is a (c)=1.38(w) target at 4330. The minor 5 wave is headed above 4607 with a M5=M1 target at 4943. Wave minor (1) of minor 5 completed at 4458. The minute (2) wave completed at 4356, just above the 88% Fib of 4350. The minute wave (3) is underway with a target of (3)=2.62(1) = 4670. Note: The primary (white/green) count is valid above 4335.
  2. The alternate (blue) wave count is that minor 4 of major [1]-P3-C3 is headed for the 38%/50% Fibonacci retracement levels at 4287 to 4185. Minor 4 is playing out as a double zig-zag with wave minute (w) completing at 4335 and minute (x) completing at 4458. Minute (y) is now headed below 4335 towards targets are (y)=0.62(w) at 4289 to (y)=(w) at 4185. Note: The alternate (blue) count is valid below 4458 and above the minor 1 high at 4100.

House Keeping: I’m leaving town on Tuesday, Aug 29th to visit the grandkids for 5 days. The rest of the week there will be limited blog posts (maybe just one more) and comments. Also, Monday, September 4th is the Labor Day Holiday in the USA, so the markets are closed.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

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