March 27th, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on March 27, 2024
4:35 pm EST: The SP-500 gapped up from 5204 to 5226, quickly hit 5235, dropped to 5214 and traded sideways most of the day, then rallied into the close to hit 5249 (day’s high).
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 new high on Wed, March 27th with the SP500 slightly below its 5261 all-time high. The SP500 should follow higher than 5261 in the very short-term (few days).
- NYMO: Closed back above the zero line on Tuesday, March 18th. The NYMO closed a +37 on Wednesday, March 21st 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.
House Keeping: Q1-2024 (Jan-Mar) comes to close with the last trading day of the quarter on Thursday, March 28th. The US Markets are closed on Friday, March 29th for the Easter Holiday Weekend. If you are a quarterly subscriber, then you will need to make a payment to continue with the premium service in Q2-2024 (Apr-June). » Shop PUG Stock Market Analysis, LLC | Technical Analysis Blog (pugsma.com)
SP-500 15-min chart:
SP-500 60-min chart:
QQQ 60-min chart:
IWM 60-min chart:
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