January 24th, 2024: SP-500, IWM and QQQ Chart Update
Posted by pugsma on January 24, 2024
5:00 pm EST: NEW ALL-TIME HIGH AT 4904!!! The SP-500 gapped up 4864 to 4888, slowly rose to 4904 (day’s high), then faded into the close to close at 4869.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- NYMO: The NYMO has struggled to retake the zero line, close at -8 on Tuesday, January 22nd and at -20 on Thursday, January 24th. This is a sign of a potential topping process.
- 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. The $BPSPX continues to hover right at the critical 70 level for the past week.
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) completed at 4904, just below the target at 4909, where iii=1.62i. The wave iv-(5) should retrace to the 23%/38% Fib area at 4861/4834. Note: The primary (white/green) wave count is valid above 4802.
- The alternate (blue) count is that minor 1 of major [3]-P3-C3 completed at 4904. The minor 2 wave lower is underway. Note: The alternate (blue) wave count is valid below 4904.
SP-500 15-min chart:
SP-500 60-min chart:
QQQ 60-min chart:
IWM 60-min chart:
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