June 10th, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on June 10, 2024
6:45 pm EST: The SP-500 gapped down from 5347 to 5341, quickly hit 5331 (day’s low), then rose steadily all day to hit 5365 (day’s high) and closed at 5362.
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 -33 on Friday, June 7th 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) reached 5362, where iii=1.23i. The wave iv-(1) retraced to the 23% Fib 5331. Now the wave v-(1) up is underway with the wave v=i target at 5441. 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 completed at 5375, 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. Note: The alternate (blue) count is valid below 5375.
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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