August 5th, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on August 5, 2024
6:25 pm EST: The SP-500 gapped down from 5346 to 5150, dropped quickly at the open to hit 5119 (day’s low), then rallied to 5251 and closed at 5186.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- Trifecta SP500 Buy Signal Alert (Triggered at the Close on Monday, Aug 5th!):
- NYSE A-D Line Cumulative: Closed on Wednesday, July 31st at a new all-time new high with the SP500 at 5522 well below the all-time high of 5669. This is very constructive (bullish), as the SP500 is likely to follow to a new all-time high. https://stockcharts.com/h-sc/ui?s=%24NYAD&p=D&yr=0&mn=6&dy=0&id=p79963311521&a=386872354
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 (1st Year President) 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 major [4]-P3-C3 of SCV is headed for the 38% Fib at 5074. Thus, far the SP500 has dropped to 5119 and may be completing a minute (4) of minor C with more drop below 5119 for minute (5) of C to complete major [4]. However, it possible that 5119 did complete major [4] at the minor C=1.62A target of 5116. Note: The primary (white/green) wave count is valid before the minute (1) of minor C low of 5302. Above 5302, the major [4] low is likely in place at 5119.
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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