April 25th, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on April 25, 2024
6:55 m EST: The SP-500 gapped down from 5071 to 5020, quickly hit 4991 (day’s low) and then rallied the rest of the day to 5058 (day’s high) and closed at 5049.
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 up is underway with a 5265 target. Note: The primary (white/green) count is valid above 4954.
- The alternate (blue) count is that minor 2 is underway and should reach the 2022 high at 4819 and the 38% Fib at 4824. The wave (w) of minor 2 completed at 4954 and the (x) of minor 2 wave completed at 5089 near target Fib retrace range of 38%/50% 5073 to 5110. The (y) wave down is underway and should target the 38% Fib of 4824. Also, note (y)=(w) at 4778. Note: The alternate (blue) count is valid below 5089.
SP-500 15-min chart:
SP-500 60-min chart:
QQQ 60-min chart:
IWM 60-min chart:
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