September 15th, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on September 15, 2023
2:40 pm EST: The SP500 gapped down from 4505 to 4498 and then continued to drop all day to 4447…
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
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/September 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.
- The alternate (blue) count is that minor 4 of major [1]-P3-C3 is forming a contracting triangle. Minute (a) of minor 4 completed at 4435. Minute (b) up completed at 4541. Now minute (c) down is headed for the 4394 pivot area. Minute (d) up below 4541 and (e) down above 4394 should complete the contracting triangle over the next two to three weeks. Note: The alternate (blue) count is valid above 4335.
Have a great weekend!
SP-500 60-min chart:
SP-500 daily chart:
IWM 60-min chart:
QQQ 60-min chart:
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