September 24th, 2024: SP-500, QQQ and IWM Chart Upate
Posted by pugsma on September 24, 2024
7:25 pm EST: The SP-500 opened flat from 5718, rose to 5731, dropped to 5699 (day’s low) and then rallied to close on the high at 5733.
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 completed at 5733, where v=1.23i. The minute (2) wave retrace 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:
QQQ 60-min chart:
IWM 60-min chart:
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