January 18th, 2024: SP-500, QQQ, and IWM Chart Update
Posted by pugsma on January 18, 2024
5:10 pm EST: The SP-500 gapped up 4739 to 4760, hit 4766, dropped to 4742, then rose into the close to hit 4786 (day’s high) and closed at 4781.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- VIX: On Wednesday, Jan 17th the VIX closed above its upper BB triggering a VIX Sell, SP500 Buy signal. On Thursday, Jan 18th the VIX closed below its upper BB confirming the VIX Sell, SP500 Buy Signal. A final confirmation requires a red VIX close on Friday, Jan 19th.
- NYMO: On Thursday, Jan 17th the NYMO closed at -75, which is severely over sold condition.
- $BPSPX (https://stockcharts.com/h-sc/ui?s=$BPSPX): On Wednesday, January 17th the SP500 Bullish Percentage Index ($BPSPX) closed at 69.80. A close below 70 after closing above 80 typically signals a significant correction is underway.
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 late January to early February, then a drop into mid-March and a big rally into year end.
SP-500 Seasonality for 2024:
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 4778, just below the (3)=1.61(1) extension at 4808. The minute (4) wave completed at 4682, just above the 23% Fib of 4678. The minute (5) wave is underway with at target range of (5)=0.62(1)=4860 (blue labels) to (5)=(1)=4969 to complete the minor 1 wave. Note: The primary (white/green) wave count is valid above 4682.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
QQQ 60-min chart:
QQQ daily chart:
IWM 60-min chart:
IWM daily chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.