February 15th, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on February 15, 2024
5:55 pm EST: The SP-500 opened flat from 5000, traded up all day hitting 5033 (day’s high) and closed at 5030 (new all-time closing high!)
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- VIX: On Tuesday, Feb 13th, the VIX closed at 15.85 above its upper BB of 15.10. This an initial trigger for the VIX Sell, SP500 Buy Signal. On Wednesday, Feb 14th the VIX closed at 14.38 back below lower BB of 15.02, confirming step 2 of the VIX Sell/SP500 Buy signal. On Thursday, Feb 15th, the VIX closed red, confirming the final step 3 of the VIX Sell/SP500 Buy signal.
- NYMO: The NYMO closed at +40 making a new short-term high.
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! 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 completed at 4793 in late December 2023 and minor 2 retraced to 4682 in mid-January in 2024. The minor 3 wave is underway should continue to grind higher during year 2024 to a target at 5798, where minor 3 = 1.62*minor 1. (Note: that on the daily chart the large Cup & Handle Pattern has a target at 5722 on the break above 4607). Within minor 3, the first minute (1) completed at 5048, where v=1.62i. The minute (2) wave pull-back completed at 4920, just above the 38% Fib at 4909. The minute (3) wave up is underway with the wave i-(3) target at 5100. Note: The primary (white/green) wave count remains valid below 4920.
- The alternate (blue) count is that the minute (2) of minor 3 wave will play out as a flat and re-test 4920 or break below and reach the 50% Fib at 4865. Note: The alternate (blue) count is valid below the 5048 high.
SP-500 15-min chart:
SP-500 60-min chart:
QQQ 60-min chart:
IWM 60-min chart:
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