December 21st, 2023: SP-500 Chart Update
Posted by pugsma on December 21, 2023
6:20 pm EST: The SP500 gapped up from 4698 to 4734, quickly hit 4743, dipped to 4708 (day’s low), then rose to close on the high at 4748.
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 has reached 4698 and should retrace to a 23%/38% Fib target range of 4678 to 4613. However, it is possible that minute (4) may form a contracting triangle with 4698 as the lowest point. 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.
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.
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Have a wonderful Holiday Season!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart:
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