January 2nd, 2024: SP-500, IWM and QQQ Chart Update
Posted by pugsma on January 2, 2024
11:45 am EST: The SP-500 gapped down from 4769 to 4745, dropped to 4731 and traded sideways to 4745…
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- NYMO: NYMO intra-day is trading near -10 to -20 and may close below its lower BB, setting up a SP500 Buy Singal.
- VIX: VIX intra-day near 14.0 and my close above its upper BB, setting up a VIX Sell, SP500 Buy Signal.
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 4-year US Presidential Election Year Cycle shows a peak in January, then a drop into mid-March and a big rally into year end.
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 a 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. Note: The primary (white/green) wave count is valid above 4698.
- The alternate (blue) count would see the minute (4) slightly under-cutting the 4698 lower and hitting the 23% Fib at 4682. Note: This minute (4) wave should hold above 4607 critical support.
SP-500 15-min chart:
SP-500 60-min chart:
IWM 60-min chart:
QQQ 60-min chart:
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