June 26th, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on June 26, 2024
6:35 pm EST: The SP-500 gapped down from 5469 to 5461, dropped to 5452 (day’s low) and the rallied to hit 5483 (day’s high) and closed at 5479.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- NYMO: On Monday, June 24th the NYMO closed a +2. This is the first NYMO close above the zero line since late May. This is sign of improving market breadth. The NYMO needs to close above +20 and then above +40 to confirm.
- NYSE A-D Cumulative ($NYAD | SharpCharts | StockCharts.com): The NYSE A-D Line improved on Monday, June 24th closing up +1% in a down market. This is a sign of improving market breadth. However, the NYSE A-D Line Cumulative is still below its all-time high hit when the SP500 minor 1 wave reached 5342. This is a non-confirmation of the minor 3 bull wave. Will need to see the NYSE A-D Line Cumulative break-out to an all-time new high soon to confirm the minor 3 bull wave.
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 5500 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 5447, where iii=2.0i. The wave iv-(1) retraced to 5403. The wave v-(1) up completed at 5505, just below where wave v=i at 5513. The minute (2) of minor 3 wave could have completed at 5446, where c=a at 5438 (alt blue labels) or could retrace to the 38%/50% Fib at 5386 to 5349 area. Note: The primary (white/green) count is valid above 5192.
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.