March 5th, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on March 5, 2024
5:25 pm EST: The SP-500 gapped down from 5130 to 5110, drifted lower most of the day to hit 5057 (day’s low), then rallied to close at 5078.
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.
- Historical Stat: When the SP500 is up for the 3 months (Dec, Jan and Feb), since the year 1930 the SP-500 has been positive the next year in 25 of 25 cases (100%) with an average again of 16%. Wayne Whaley on X: “A 25-0 NEXT YEAR (MARCH-FEBRUARY) – WHEN DECEMBER, JANUARY AND FEBRUARY ARE EACH POSITIVE https://t.co/tRtvWJP7lt” / X (twitter.com)
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) completed at 5150. The wave ii-(3) pull-back is underway that should complete in the 50%/62%/78% Fib range of 5035 to 4970. Note: The primary (white/green) wave count remains valid above 4920.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
QQQ 60-min chart:
QQQ daily chart:
IWM 60-min chart:
IWM daily chart:
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