December 6th, 2023: SP-500, IWM and QQQ Chart Update
Posted by pugsma on December 6, 2023
2:40 pm EST: The SP500 gapped up from 4568 to 4568 to 4561, quickly hit 4591 (day’s high), then drift lower to 4559…
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- Chart Pattern: A potential bullish Inverse Head & Shoulders (IHS) Pattern as formed with head at 4104, neckline at 4393 and target at 4682. This pattern was confirmed with the move above 4393 on Friday, Nov 10th!
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!
- Zweig Breadth Thrust (ZBT): The ZBT signal fired at the close on Nov 3rd, 2023. This is very bullish long-term signal. ZBT Chart 25 Year Link: !BINYBT | SharpCharts | StockCharts.com
- 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 4391. The minute (2) completed as an expanded flat wave at 4344. Wave (3) up is underway to levels above the late July high of 4607. The wave (3)=1.38(1) target is at 4740. Withing wave minute (3), wave i completed at 4568. Wave ii traced out a shallow flat wave to 4537. Wave iii-(3) is under and should move above 4607 towards the iii=i target at 4761. Alternative (blue labels) wave ii-(3) could still play out as an expanded flat down to the 23%/38%/50% Fib target area of 4531/4495/4466. Note: The primary (white/green) and alternate (blue) wave counts are valid above 4344.
SP-500 15-min chart:
SP-500 60-min chart:
IWM 60-min chart:
QQQ 60-min chart:
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