June 6th, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on June 6, 2024
5:30 pm EST: The SP-500 gapped up from 5354 to 5357, quickly hit 5362 (day’s high, new all-time high!), dropped 5335 (day’s low), and closed at 5353.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- Chart Pattern: On Friday, May 31st there was a large daily hammer candle off an upward sloping 50-day SMA (5180). This is an extremely bullish daily candle.
- NYSE A-D Line Cumulative: The NYSE A-D has yet to confirm the new all-time high for the SP500 and QQQ. https://stockcharts.com/h-sc/ui?s=%24NYAD&p=D&yr=0&mn=6&dy=0&id=p79963311521&a=386872354
- NYMO: The NYMO has closed at -4 and -10 the past two days and has yet to confirm the new minor 3 impulse wave higher by closing above +20 and preferably above +40.
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) wave 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. Within minute (1), wave i-(1) reached 5302. Wave ii-(1) pulled back to near the 62% Fib at 5234. The wave iii-(1) target is where iii=1.62*i = 5412. Wave iv-(1) should retrace to the 23% Fib at 5371. Finally the wave v=0.62i target is at 5439. Note: The primary (white/green) count is valid above 5302.
- The alternate (blue) wave count is that minor 1 of major [5]-P3-C3 of SCV is completing near where wave minute (5)=(1) at 5361. The minor 2 correction would be next and drop the 38%/50% Fib retracement range of 5207 to 5159.
Have a great weekend!
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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