January 19th, 2024: SP-500 Chart Update
Posted by pugsma on January 19, 2024
3:50 pm EST: NEW ALL-TIME HIGH AT 4842!!! The SP-500 gapped up 4781 to 4700, hit 4800, dropped to 4786 (day’s low), then rose steadily into the close to hit 4842 (day’s high) and closed at 4839.
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. On Friday, January 19th the VIX closed red giving the final confirmation!
- 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. On Friday, January 19th, the $BPSPX re-captured the 70 threshold closing at 70.20.
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 a target at (5)=(1)=4969 to complete the minor 1 wave. Within minute (5), wave i=(5) reached 4802 and ii-(5) dropped to 4715. Wave iii=(5) is underway with a target at 4909, where iii=1.62i. Note: The primary (white/green) wave count is valid above 4682.
Have a great weekend!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.