December 9th, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on December 9, 2024
5:55 pm EST: The SP-500 gapped down from 6090 to 6083, dropped to 6058, rallied to 6072, dropped to 6049 (day’s low) and closed at 6054.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- Historical Data: 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 (i.e. 5607 to 6953 by Aug 2025) 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 well 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 well underway and headed to 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 well underway with a (3)=(1) target at 6172. Within minute (3), wave i-(3) completed at 6017. The wave ii-(3) pull-back completed at 5853 near the 50% Fib retrace of 5867 and the wave iii-(3) completed at 6100, where iii=0.78i. The wave iv-(3) retrace to the 23% Fib of 6043 (6049 so far) and hold above the wave i-(3) high at 6017 before v-(3) complete near (3)=(1) at 6172. Note: The primary (white/green) wave count is valid above 6017.
- The alternate (blue) count is minute (3) of minor 3 completed at 6100 and a minute (4) wave is underway and will retrace to the 23%/38% Fib area of 6007 to 5946. Note: The alternate (blue) count is valid above the minute (1) high of 5878.
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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