April 19th, 2024: SP-500 Chart Update
Posted by pugsma on April 19, 2024
6:10 pm EST: The SP-500 opened flat from 5009, moved higher to 5019 (day’s high) and then faded the rest of the day to 5954 (day’s low) and closed at 4967.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
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 1 of major [3]-P3-C3 wave topped at 5265. The minor 2 is underway and has reached 4954 thus far and should complete at or above the 38% Fib at 4824, which is also a back-test of the year 2022 high at 4819.
House Keeping: I will be traveling (driving) back to Chicago from Florida on Monday and Tuesday. The next blog update will be made on Wednesday, April 24th.
Have a great weekend!
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart:
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