October 2nd, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on October 2, 2023
6:55 pm EST: The SP500 opened flat from 4288, traded sideways, moved up to 4300, dropped to 4260 (day’s low) and closed flat at 4288.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- SP500 Buy Signal Trifecta Triggered on Tuesday September 26th and fully confirmed on Thursday, September 28th!
- NYMO: NYMO closed back above its lower BB on Wednesday, September 27th confirming its SP500 Buy Signal!
- VIX: VIX closed back below its upper BB on Wednesday September 27th (completing confirming step 2). VIX closed red on Thursday September 28th for step 3 (final confirmation of the VIX Sell, SP500 Buy Signal!
- SP500 BB: SP500 closed back inside its lower BB on Thursday, September 28th confirming its SP500 Buy Signal!
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 and the (c)=(a) target at 4269. The minor 5 wave is headed above 4607 with a M5=M1 target at 4847. Wave minute (1) of minor 5 should target the 4470 area, with wave i-(1) complete at 4333 and wave ii-(1) complete at 4260. The wave iii-(1) target is at 4412, where iii=1.62i. 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 near the 4191 pivot, which is the 50% Fibonacci retrace of wave minor 3. Wave iv-(c) of minor 4 completed at 4333 and now wave v-(c) of minor 4 is headed below 4239. Note: The alternate (blue) count is valid above the minor 1 high at 4100.
SP-500 15-min chart:
SP-500 60-min chart:
IWM 60-min chart:
QQQ 60-min chart:
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