September 19th, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on September 19, 2024
5:45 pm EST: The SP-500 gapped up from 5618 to 5702, hit 5713, dropped to 5686 (day’s low), rallied again to 5733 (day’s high, all-time high!) and closed at 5713.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
Key Technical Indicators (Intermediate to Long-Term):
- Chart Pattern: Potential Bullish Ascending Triangle Break-Out above 5666, with a measured move target at 6219.
- Zweig Breadth Trust (ZBT) (11-3-23 and again on 8-19-24): The ZBT signal triggered on Monday, 8-19-24. The 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-Q3 (Apr-Sept) and finally a big Q4 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 [5]-P3-C3 of SCV is underway headed for the [5]=[1] target at 6234. The first minor 1 of major [5] wave completed at 5652. The minor 2 of major [5] wave completed at 5402, just above the 50% Fib of 5381. The minor 3 wave up is underway and headed to a new all-time high above 5569. The minor 3=1.23*minor1 target is at 6057. Within minor 3, the minute (1) wave completed at 5671 and the minute (2) wave traced out a flat to 5615. The wave minute (3) wave up is underway with a target at 6050, where (3)=1.62(1). Note: The primary (white/green) wave count is valid above 5615.
- The primary (white/green) wave count is that major [5]-P3-C3 of SCV is underway headed for the [5]=[1] target at 6234. The first minor 1 of major [5] wave completed at 5652. The minor 2 of major [5] wave completed at 5402, just above the 50% Fib of 5381. The minor 3 wave up is underway and headed to a new all-time high above 5569. The minor 3=1.23*minor1 target is at 6057. Within minor 3, the minute (1) of minor 3 wave is targeting 5733, where v=1.23i. Once the minute (1) wave completes, the minute (2) wave targets are the 38%/50%/62% Fibs at 5607 to 5568 to 5528. Note: The alternate (blue) wave count is valid above 5402.
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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