October 19th, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on October 19, 2023
7:25 pm EST: The SP500 gapped up from 4314 to 4320, traded between 4297 and 4339 (day’s high) and then dropped into the close to hit 4270 (day’s low) and closed at 4278.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- VIX: The VIX close above its upper BB triggering Step 1 of the VIX Sell, 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 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 an expanded flat wave headed for c=1.62 at 4273 and the 62%/78% Fib target range of 4281 to 4263. Once minute (2) is complete, the minute (3) wave will head towards the (3)=2.62(1) target at 4715. 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:
SP500 daily chart:
IWM 60-min chart:
IWM daily chart:
QQQ 60-min chart:
QQQ daily chart:
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