February 16th, 2024: SP-500 Chart Update
Posted by pugsma on February 16, 2024
7:40 pm EST: The SP-500 opened flat from 5030, traded down to 5000 (day’s low), moved up to 5038 (day’s high) and then drop into the close to hit 5000 again and close at 5005.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- None
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 3 of major [3]-P3-C3 wave up is underway and 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 a target at 5481, where (3)=1.62(1). Within minute (3), the wave i-(3) target is at 5100. Note: The primary (white/green) wave count remains valid above 4920.
- The alternate (blue) count is that the minute (2) of minor 3 wave will continue to play out lower as a flat and re-test 4920 or break below and reach the 50%/62% Fib area at 4865/4821. Note: The alternate (blue) count is valid below the 5048 high.
House Keeping: The US Markets are closed on Monday, February 19th for the President’s Day Holiday. The next blog update will be on Tuesday, February 20th.
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.