October 3rd, 2023: SP-500 Chart Update
Posted by pugsma on October 3, 2023
6:25 pm EST: The SP500 gapped down from 4288 to 4270, then continue to drop all day hitting a new at 4216 and closing at 4229.
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! With the new low below 4239 on Tuesday, October 3rd. This is a Failed Signal (Extremely Rate Failure)!!!
- 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) 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 (a) of minor 4 completed at 4335 and wave (b) of minor 4 completed at 4541. Wave (c) of minor 4 has been headed lower with wave iv-(c) of minor 4 completed at 4333 and now wave v-(c) of minor 4 complete at 4216 or a little lower to the 4191 to 4186 area . Note: The alternate (blue) count is valid for minor 4 above the minor 1 high at 4100.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
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