December 29th, 2023: SP-500 Chart Update
Posted by pugsma on December 29, 2023
6:05 pm EST: The SP-500 opened flat from 4784, traded up to 4788, dipped to 4752 (day’s low), rallied to 4776 and closed at 4769.
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 just above the 23% Fib 4678. It looks like the minute (4) wave is form an ascending triangle with 4698 as the lowest point. Assuming minute (4) completed at 4698, the wave (5)=(1) target is at 4985 to complete the minor 1 wave.
House Keeping: The markets are closed on Monday, January 1st for the New Years Holiday.
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Have a great weekend and Happy New Year !!!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart:
SP-500 monthly chart:
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