November 9th, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on November 9, 2023
7:05 pm EST: The SP500 gapped up from 4383 to 4390, quickly hit 4393 (day’s high), then dropped all day to a low 4344 and closed at 4347.
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) completed at 4393. The minute (2) wave underway with targets of 23%/38%/50% Fibs of 4324, 4284, and 4249. Once minute (2) completes, the minute (3) wave should move above the 4607 high from late July. Note: The primary (white/green) wave count is valid above 4104.
SP-500 15-min chart:
SP-500 60-min chart:
IWW 60-min chart:
QQQ 60-min chart:
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