April 29th, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on April 29, 2024
3:30 pm EST: The SP-500 gapped up from 5099 to 5114, quickly rose to 5123 (day’s high), traded sideways, then dropped to 5089 (day’s low) and rallied again to close at 5116.
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 retrace at 4824. The wave (w) of minor 2 completed at 4954. The (x) of minor 2 wave is headed for the 50%/62% Fib retrace of 50%/62% at 5110 to 5147 and may have completed at 5123. Once wave (x) completes, the (y) or minor 2 wave down should target the 38% Fib of 4824. Note: The alternate (blue) count is valid below 5265.
SP-500 15-min chart:
SP-500 60-min chart:
QQQ 60-min chart:
IWM 60-min chart:
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