October 18th, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on October 18, 2023
5:15 pm EST: The SP500 gapped down from 4373 to 4350, drifted lower all day to hit 4302 (day’s low) and closed at 4314.
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 4824. Within minor 5, the minute (1) wave completed at 4386. Minute (2) is playing out as a flat wave headed for the 50%/62% Fib target range of 4302 to 4281. Once minute (2) is complete, the minute (3) wave will head towards the (3)=2.0(1) target at 4652. 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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