October 16th, 2023: SP-500 Chart Update
Posted by pugsma on October 16, 2023
5:40 pm EST: The SP500 gapped up from 4328 to 4342, rallied higher to 4383 (day’s high), dropped to 4357 (day’s low) and closed at 4373.
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 completed at 4386 and minute (2) retraced to 4312, just above the 50% Fib at 4301. The minute (3) wave is underway head towards the (3)=2.0(1) target at 4652. Alternately (blue count), the minute (1) is still underway headed for 4440. 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:
SP-500 daily chart:
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