May 31st, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on May 31, 2024
4:50 pm EST: The SP-500 gapped up from 5235 to 5243, quickly hit 5256, dropped 5192, then rallied big time into the close to hit 5280 (day’s high) and closed at 5277.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- Chart Pattern: Large Daily Hammer Candle off an upward sloping 50-day SMA (5180). This is an extremely bullish daily candle.
- NYMO: On Wednesday, May 29th, the NYMO closed at -67 vs a lower BB at -54. This is a trigger for the NYMO based SP500 Buy Signal. The NYMO must close back inside the lower BB to confirm. On Thursday, May 30th, the NYMO closed at -34 vs a lower BB at -59, back within the lower BB. Thus, the NYMO based SP500 Buy Signal was confirmed.
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 2 of major [5]-P3-C3 of SCV completed at 5192. The minor 3 wave up is underway with a Minor 3 = 1.62*Minor 1 target of 5820. The minute (1) of minor 3 should target the 5450 area. Note: The primary (white/green) count is valid above 5192.
Have a great weekend!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart:
SP-500 monthly chart:
QQQ 60-min chart:
QQQ daily chart:
IWM 60-min chart:
IWM daily chart:
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