May 28th, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on May 28, 2024
6:00 pm EST: The SP-500 gapped up from 5304 to 5310, quickly hit 5316 (day’s high), then traded sideway, dropped to 5281 (day’s low) and rallied close at 5306.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- NYMO: On Thursday, May 23rd the NYMO closed at -47 vs a lower BB at -30. This is an NYMO based SP500 Buy Trigger. It requires an NYMO close back inside the lower BB to confirm. On Friday, May 24th the NYMO closed near -20 and back inside the lower BB confirming the NYMO based SP500 Buy Signal. But a word of caution here is that NYMO often only makes it back to the -20 to zero line during a failed bounce in the SP500. NYMO closes above +20 are needed to assure a new bull wave up is underway. On Tuesday, May 28th the NYMO closed down at -35 with a positive NYMO producing a -DIV.
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 2023, Jan and Feb 2024), 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 [5]-P3-C3 of SCV completed 5342 and the minor 2 correction is underway and should retrace to the 38%/50% Fibonacci targets of 5195 to 5146. The drop from 4342 to 4257 is (w) of minor 2. The (x) of minor 2 wave has reached 5316 within the target retrace rage of the 62%/78% Fib area at 5310 to 5323. Next the minute (c) of minor 2 wave should drop below 5257. Note: The primary (white/green) count is valid below 5342.
- The alternate (blue) count is that the minor 1 wave is still climbing higher towards 5400. Wave (3) ended at 5342 and the minute (4) wave pull-back to 5257. The wave (5)=(1) target is at 5392 to complete the minor 1 wave. Note: The alternate (blue) count is valid above 5257 and would be confirmed on a break above 5342.
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:
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