April 15th, 2024: SP-500 Chart Update
Posted by pugsma on April 15, 2024
5:30 pm EST: The SP-500 gapped up from 5123 to 5149, quickly hit 5168 (day’s high), then faded the rest of the day to 5052 (day’s low) and close at 5061.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- SP500 Buy Trifecta: A SP500 Buy Signal Trifecta was triggered today, Monday April 15th.
- NYMO: The NYMO closed near -100 and closed below its lower BB two consecutive days. This is a potential significantly powerful SP500 Buy Signal.
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, a choppy Q2 (Apr-June) and finally a big rally into year end.
- Historical Stat: The SP500 was up for the 3 months (Dec, Jan and Feb), closing February at 5095. 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% (5095 => 5910 Target). The average draw-down form the February close is -3.7% (5095 => 4906). 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 5265. The minute (2) wave pull-back completed at 5052. The minute (3) wave up will get underway with a target of (3)=(1) at 5635.
- The alternate (blue) wave is the minute (1) of minor 3 of major [3]-P3-C3 topped out at 5265. Now there is a wave minute (2) wave pull-back towards the 50% Fib retrace at 4978 into the late April to early May time frame. The first wave w-(2) completed at 5052. The wave x-(2) should bounce to the 50%/62% Fib retrace at 5132 to 5152. Once x-(2) completes, the wave y-(3) down should target the 50% Fib retrace target of 4978. Note: The alternate (blue) count remains valid below the 5265 high.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
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