November 8th, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on November 8, 2023
5:45 pm EST: The SP500 gapped up from 4378 to 4384, quickly hit 4391 (day’s high), dropped to 4360 (day’s low), then rallied to 4388 and closed at 4383.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- NYMO (11-3-23): The NYMO closed at +96 well above its upper BB of 80. This will typically lead to several weeks of sideways to slightly down SP500 price movement and then the SP500 uptrend will continue.
- Chart Pattern: A potential bullish Inverse Head & Shoulders (IHS) Pattern as formed with head at 4104, neckline at 4393 and target at 4682.
- Zweig Breadth Thrust (ZBT): The ZBT signal fired at the close today, Nov 3rd, 2023. This is very bullish long-term signal. ZBT Chart 25 Year Link: !BINYBT | SharpCharts | 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 and again on 11-3-23): The ZBT signal triggered on Friday, 3-31-23 and again on Friday, 11-3-23. This ZBT signal historically has produced an average SP500 of +24% over the next year with 100% probability!
- 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 major [1]-P3-C3 peaked at 4607 in late July and this -11% correction to 4104 is the major [2] wave, which end just above the 50% Fibonacci retracement at 4049. Friday, Oct 27th low at 4104 is the major [2] low. The minor 1 of major [3] target is the 4819 all-time high. Within minor 1, minute (1) should target the 4393 pivot area before a minute (2) wave pull-back to the 38%/50% Fib at 4249/4285. Note: The primary (white/green) wave count is valid above 4104.
SP-500 15-min chart:
SP-500 60-min chart:
IWM 60-min chart:
QQQ 60-min chart:
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