November 15th, 2024: SP-500 Chart Update
Posted by pugsma on November 15, 2024
3:45 pm EST: The SP-500 gapped down from 5949 to 5912, dropped steadily all day to hit 5853 (day’s low) and closed at 5870.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- The SP-500 closed September in the green (above 5648 on Monday September 30th), thus the SP-500 has posted 8 of 9 green months during calendar year 2024. This has happened only 8 other times in history and all 8 times Q4 was also green by an average gain of +6.6% (or 5762 + 380 = 6142 by Dec 31st, 2024). Link: https://x.com/RyanDetrick/status/1840400325234044964
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.
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 6265, where minor 3=1.62*minor 1. Within minor 3, the minute (1) wave completed at 5878. The minute (2) wave completed at 5696, near the 38% Fib of 5697. Wave minute (3) is underway with a (3)=(1) target at 6172. Within minute (3), wave i-(3) completed at 6017. The wave ii-(3) pull-back is underway towards at 50%/62% Fib retrace at 5857 to 5818 (hit 5853 so far). Note: The primary (white/green) wave count is valid above the minute (2) low at 5696.
Have a great weekend!
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart:
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