May 6th, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on May 6, 2024
5:20 pm EST: The SP-500 gapped up from 5127 to 5142, rose to 5161, dropped to 5152, then rose into the close to close on the high at 5181.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- NYMO: On Monday, May 6th, the NYMO closed above +70! On Friday, May 3rd, the NYMO is above +40 with 2 hours to go to the close. On Thursday, May 2nd the NYMO closed above +20 and higher than (+25 vs +21) when the SP500 closed at 5116 on Monday, April 29th. The NYMO is leading the SP500 price and is above +20, which are both bullish.
- NYSE A-D Line Cumulative: On Monday, May 6th, the NYSE A-D Line Cumulative closed at a new all-time high! On Friday, May 3rd the NYSE A-D Line Cumulative is near the high set in late March with the SP500 at 5265. On Thursday, May 2nd the NYSE A-D Line Cumulative closed higher than when the SP500 closed at 5116 on Monday, April 29th. The NYSE A-D Line Cumulative leading the SP500 price is bullish and the SP500 price will typically move above the previous all-time high (i.e. above 5265) in the short-term. $NYAD | SharpCharts | 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-(1) of minor 3 up is underway with a 5265 target. The minute (1) wave of minor 3 should reach the Cup & Handle target of 5722 or higher into the end of year 2024. Note: The primary (white/green) count is valid above 4954.
SP-500 15-min chart:
SP-500 60-min chart:
QQQ 60-min chart:
IWM 60-min chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.