January 4th, 2024: SP-500, IWM, and QQQ Chart Update
Posted by pugsma on January 4, 2024
5:15 pm EST: The SP-500 gapped down from 4704 to 4700, dropped to 4696, traded up to 4727 (day’s high), then dropped to close on the low at 4688.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- NYMO: NYMO closed at -31 vs a lower BB at -24. That’s three consecutive days below its lower BB. This a SP500 Buy Singal Trigger. It will take a close back above the BB to confirm.
- VIX: VIX closed at 14.13 vs an upper BB at 14.05. That’s two consecutive days of a VIX Sell, SP500 Buy Signal Trigger. It will take a close back below the BB and red VIX closed the next day to confirm.
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 is playing out as a flat wave and has reached 4688, just above the 23% Fibonacci target at 4678. Assuming minute (4) completes at 4678, the wave (5)=(1) target is at 4965 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) reaching its 38% Fibonacci target at 4613. 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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