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October 26th, 2023: SP-500 Chart Update

Posted by pugsma on October 26, 2023

8:10 pm EST: The SP500 gapped down from 4186 to 4176, dropped steadily to 4128 (day’s low) and closed at 4137.

Key Technical Indicators (Short to Intermediate Term)  Print SharpCharts from StockCharts.com

  1. VIX: On Thursday, Oct 26th, the VIX put in a potential -DIV (bullish for the SP500).
  2. NYMO: On Monday, Oct 23rd the NYMO close at -55 with the SP500 close at 4217, well above the NYMO close of -74 with the SP500 close at 4235 in early October. This sets up a potential +DIV on the NYMO. On Wednesday, Oct 25th the NYMO closed at -44 with the SP500 close at 4185, further increasing the potential +DIV. On Thursday, Oct 26th the NYMO close at -31 with the SP500 close at 4147 further increasing the potential +DIV.

Key Technical Indicators (Intermediate to Long-Term):

  1. Golden Cross (2-2-23): 50-day SMA (3953) closed above the 200-day SMA (3951).
  2. 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.
  3. Zweig Breadth Trust (ZBT) (3-31-23): The ZBT signal triggered on Friday, 3-31-23 with a 10th day close above 0.615.
  4. 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):

  1. The primary (white/green) count is that major [1]-P3-C3 peaked at 4607 in late July and this -10% correction (thus far) is the major [2] wave targeting the 50% Fibonacci retracement at 4049. Today’s low at 4128 could have end major [2] or there will be a small bounce and one more lower low at 4049. Note: The primary (white/green) wave count is valid above the Oct 2022, C2 low at 3492.
  2. The alternate (blue) count is that major [2]-P3-C3 will play you to a deeper 62% Fibonacci retracement at 3916. Note: The alternate (blue) count is valid above the Oct 2022, C2 low at 3492.

House Keeping: There will be no blog update on Friday, Oct 27th. The next blog update will be on Monday, Oct 30th.

Have a great weekend!

SP-500 60-min chart:

SP500 Technical Analysis

SP-500 daily chart:

SP500 Technical Analysis

SP-500 weekly chart:

SP500 Technical Analysis

SP-500 monthly chart:

SP500 Technical Analysis

This entry was posted on October 26, 2023 at 8:11 pm and is filed under Premium, SP-500. Tagged: , . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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