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August 30th, 2023: SP-500, IWM and QQQ Chart Update

Posted by pugsma on August 30, 2023

4:10 pm EST: The SP500 gapped up from 4497 to 4500, quickly hit 4521 (day’s high), dropped to 4494 (day’s low) traded sideways above 4505 and closed at 4515.

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

  1. NYMO: The NYMO closed at +25 on Tuesday, August 29th. NYMO closes above +20 are constructive for a new bull impulse wave to new highs.

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. Withing wave (3) wave i is looking to hit the 4546 pivot area and wave ii-(3) should hold above the 50% Fib at 4451 and 4458 support. Note: The primary (white/green) count is valid above 4335.

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 60-min chart:

SP500 Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

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