February 5th, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on February 5, 2024
2:45 pm EST: The SP-500 gapped down from 4958 to 4955, dropped to 4918 (day’s low), then rallied back to 4955…
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- 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 drop below the critical 70 level, closing at 66.20 on Friday, February 2nd.
- NYMO: On Wed, January 31st, the NYMO closed at -15, back below the critical zero line. On Friday, February 2nd the NYMO closed near -10, back below the critical zero line.
- VIX: The past week VIX has been diverging close higher as the SP500 has been closing higher.
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 shallow 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, wave ii-(5) dropped to 4715, wave iii-(5) completed at 4931, just above the target at 4909, where iii=1.62i and the wave iv-(5) completed at 4845, near the 38% Fib of 4848. The final wave v-(5) of minor 1 up is underway and may have completed at 4975, where (5)=(1)=4969 or could target (5)=1.23(1) = 5035 (blue labels). Note: The primary (white/green) wave count is valid above 4845.
SP-500 15-min chart:
SP-500 60-min chart:
QQQ 60-min chart:
IWM 60-min chart:
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