September 11th, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on September 11, 2023
6:15 pm EST: The SP500 gapped up from 4458 to 4481, quickly hit 4491 (day’s high), dropped to 4468 (day’s low) and rallied to close at 4487.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- NYMO: The NYMO closed at +25 on Tuesday, August 29th and at +32 on Wednesday, August 30th. NYMO closes above +20 are constructive for a new bull impulse wave to new highs.
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.
- 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):
- 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. Within wave (3), wave i-(3) is complete at 4641. Wave ii-(3) looks to have completed at 4430 near the 62% Fib at 4426. Wave iii-(3) up should break above 4541 towards a target at 4658, where iii=1.23i. Note: The primary (white/green) count is valid above 4430.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
QQQ 60-min chart:
QQQ daily chart:
IWM 60-min chart:
IWM daily chart:
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