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December 19th, 2023: SP-500, IWM and QQQ Chart Update

Posted by pugsma on December 19, 2023

7:15 pm EST: The SP500 gapped up from 4740 to 4755, rose steadily to 4764, then traded sideways above 4756 and rallied closed at 4768 (day’s high).

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

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. 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!
  3. 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
  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 minor 1 of major [3]-P3-C3 is headed for the all-time high above 4819. Within minor 1, minute (1) completed at 4391. The minute (2) completed as an expanded flat wave at 4344. Wave minute (3) looks to be targeting the (3)=1.61(1) extension at 4808. Once the minute (3) wave completes, the minute (4) wave should retrace to a 12%/23% Fib target range of 4752 to 4701. Assuming minute (4) reaches the 23% Fib at 4701, the minute (5)=(1) target is at 4988 to complete the minor 1 wave.

House Keeping for Holiday Week: There will be no blog updates on the dates listed below.

  1. Friday Dec 22nd: Travel to help my youngest son.
  2. Monday Dec 25th : Christmas Holiday.
  3. Tuesday Dec 26th: Driving to Clearwater FL Beach Condo.
  4. Wednesday Dec 27th: Driving to Clearwater FL Beach Condo.
  5. Monday Jan 1st: New Years Day Holiday.

SP-500 15-min chart:

SP500 Technical Analysis

SP-500 60-min chart:

SP500 Technical Analysis

IWM 60-min chart:

IWM Technical Analysis

QQQ 60-min chart:

QQQ Technical Analysis

This entry was posted on December 19, 2023 at 7:13 pm and is filed under IWM, Premium, QQQ, 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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