April 24th, 2024: SP-500 Chart Update
Posted by pugsma on April 24, 2024
11:15 am EST: The SP-500 gapped up from 5069 to 5080, quickly hit 5089, dropped to 5058…
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 and the minor 2 wave completed at 4954. Wave i-(3) of minor 3 is underway with a 5265 target. Note: The primary (white/green) count is valid above 4954.
- The alternate (blue) count is that wave (w) of minor 2 completed at 4954 and this current move higher is an (x) of minor 2 wave with a target Fib retrace range of 38%/50%/62% at 5073/5110/5147. There is a wave c=a of minute (x) completion target a 5089, which is the high from today thus far. Note: The alternate (blue) count is valid below 5265.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart:
SP-500 monthly chart:
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