March 20th, 2024: SP-500 Chart Update
Posted by pugsma on March 20, 2024
6:10 pm EST: NEW ALL_TIME HIGH AT 5226! The SP-500 opened flat from 5178, traded sideways for 4.5 hours and then popped to 5226 and closed at 5224.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- NYSE A-D Cumulative: The NSYE A-D Line Cumulative (market breadth indicator) closed at an all-time high on March, Mar 13th even with the SP500 closing in the red at 5165. This typically means the SP500 will make a new all-time high (above 5189) in the short-term.
- NYMO: Closed back above the zero line on Tuesday, March 18th. The NYMO closed a +27 on Wednesday, March 20th confirming a new impulse wave 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! 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)
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 could have completed at 5057. The wave iii-(3) is underway will head towards 5430, where iii=1.62*i. Note: The primary (white/green) wave count remains valid above 5091.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
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