May 7th, 2024: SP-500, QQQ and IWM Technical Analysis
Posted by pugsma on May 7, 2024
12:45 pm EST: The SP-500 gapped up from 5181 to 5187, rose to 5198 and traded sideways…
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- NYMO: On Monday, May 6th, the NYMO closed at +65! 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.
House Keeping: I must travel the next two days to southern Indiana to help with my 96 year old mother. I will be back the evening of Thursday, May 9th and post a blog update then.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
QQQ 60-min chart:
QQQ daily chart:
IWM 60-min chart:
IWM daily chart:
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.