September 27th, 2023: SP-500 Chart Update
Posted by pugsma on September 27, 2023
6:55 pm EST: The SP500 gapped up from 4273 to 4288, quickly hit 4292 (day’s high), the dropped to 4239 (day’s low), rallied to 4291 and closed at 4274.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- SP500 Buy Signal Trifecta Triggered on Tuesday September 26th.
- NYMO: NYMO closed back above its lower BB on Wednesday, September 27th confirming.
- VIX: VIX closed back below its upper BB on Wednesday September 27th (completing confirming step 2). Need a red VIX closes on Thursday September 28th for step 3 (final confirmation).
- SP500 BB: SP500 missed by one point closing back above its lower BB.
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 as a zig-zag at 4239, just below the 38% Fibonacci retrace target of 4287. There was a (c)=(a) target at 4269. The minor 5 wave is headed above 4607 with a M5=M1 target at 4847. Note: The primary (white/green) count is valid above 4239.
- The alternate (blue) count is that minor 4 is playing out a zig-zag that will complete above the 4191 pivot. Note: The alternate (blue) count is valid above the minor 1 high at 4100.
SP-500 15-min chart;
SP-500 60-min chart:
SP-500 daily chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.