December 11th, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on December 11, 2024
5:00 pm EST: The SP-500 gapped up from 6035 to 6060, rose steadily to 6092 (day’s high) and closed at 6084.
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) retraced to just below the 23% Fib 6030. Wave v-(3) up is underway and should complete near (3)=(1) at 6172. Note: The primary (white/green) wave count is valid above 6017.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
QQQ 60-min chart:
QQQ daily chart:
IWM 60-mim chart:
IWM daily chart:
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