December 20th, 2023: SP-500 Chart Update
Posted by pugsma on December 20, 2023
4:55 pm EST: The SP500 gapped down from 4768 to 4764, quickly hit 4756, rose slow to 4778 (day’s high), then started a relentless end of day sell off to hit 4698 (day’s low) and close on the low at 4698.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from 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).
- 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 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) completed at 4478, just below the (3)=1.61(1) extension at 4808. The minute (4) wave should retrace to a 23%/38% Fib target range of 4678 to 4613. Assuming minute (4) reaches the 23% Fib at 4678, the minute (5)=(1) target is at 4965 to complete the minor 1 wave. Note: This primary (white/green) wave count realistically needs wave (4) of minor 1 to hold critical support at 4607. Below 4607, the alternate (blue) count is likely.
- The alternate (blue) count is that minor 1 completed at 4778 and the minor 2 wave lower is underway that should break critical support at 4607 and target 38%/50% Fib range 4522 to 4441. Note: The alternate (blue) count is valid below the 4778 high.
House Keeping for Holiday Week: There will be no blog updates on the dates listed below.
- Friday Dec 22nd: Travel to help my youngest son.
- Monday Dec 25th : Christmas Holiday.
- Tuesday Dec 26th: Driving to Clearwater FL Beach Condo.
- Wednesday Dec 27th: Driving to Clearwater FL Beach Condo.
- Monday Jan 1st: New Years Day Holiday.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart:
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