February 22nd, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on February 22, 2024
3:00 pm EST: The SP-500 gapped up from 4982 to 5038, then climbed steadily all day to hit 5094…
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- VIX: On Tuesday, Feb 20th the VIX closed at 15.42 above the upper BB of 15.38. This triggers step 1 of the VIX Sell/SP500 Buy Signal. On Wednesday, Feb 21st Step 2 completed with the VIX closing back below its upper BB. On Thursday, Feb 22nd the final confirming Step 3 is a Red VIX close and this look likely with VIX down at -5% with 1 hour until the close.
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 or minor 3 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 5150. Once wave i-(3) completes near 5150, the wave ii-(3) pull-back to a 50% Fib would take the SP500 to 5035. Note: The primary (white/green) wave count remains valid above 4920.
SP-500 15-min chart:
SP-500 60-min chart:
QQQ 60-min chart:
IWM 60-min chart:
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