October 10th, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on October 10, 2023
4:40 pm EST: The SP500 gapped up from 4335 to 4340, rose steadily in the morning to 4385 (day’s high) and then drifted lower in the afternoon to close at 4358.
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) count is that minor 4 of major [1]-P3-C3 played out a zig-zag that completed at 4216 near the 4191 pivot, which was also just above the 50% Fibonacci retrace (4185) of the minor 3 wave. The minor 5 wave up is underway heading above the minor 3 high at 4607, to a minor 5 =1 target at 4794. Within minor 5, the minute (1) wave should target at least the 4394 pivot area and then 50% Fib for minute (2) wave is near the 4300 area. Note: The primary (white/green) wave count as currently labeled is valid above the minor 4 low at 4216.
SP-500 15-min chart:
SP-500 60-min chart:
IWM 60-min chart:
QQQ 60-min chart:
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