December 18th, 2024: SP-500 Chart Update
Posted by pugsma on December 18, 2024
7:30 pm EST: The SP-500 opened flat from 6050, dropped to 6041, rose to 6070 (day’s high), then late in the day cascaded lower to 5867 (day’s low) and closed near the lower at 5872.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- SP500 Buy Signal Trifecta was triggered on Dec 18th, 2024:
- NYMO: The NYMO closed at -106 below its lower BB of -91. This triggers the NYMO based SP500 Buy Signal. A NYMO close back above the lower BB is required to confirm.
- VIX: The VIX closed at 27.62 above its upper BB of 21.21. This triggers the VIX based SP500 Buy Signal. A VIX close back below the upper BB along with a red VIX close the following day are required to confirm.
- SP500 Bollinger Band (BB): The SP500 closed at 5872 below its lower BB of 5909. This triggers the SP500 BB based SP500 Buy Signal. A SP500 close back above the lower BB is required to confirm.
Key Technical Indicators (Intermediate to Long-Term):
- SP500 Seasonality:
Wave Count(s):
- The primary (white/green) wave count is that minor 4 of major [5]-P3-C3 of SCV is headed for the 38% Fib retrace or minor 3 at 5835. Thus far the low is 5867. Once this minor 4 wave completes, there is one more wave up in minor 5 to complete major [5]-P3-C3 at 6234, where major [5]=[1]. Note: The primary (white/green) wave count for minor 4 is valid above the minor 1 high at 5652.
- The alternate (red) wave count is that P3-C3 of SCV topped at 6100, just shy of the P3=P1 target of 6119. The P4 wave (likely a large triangle) is underway and is headed for the 38% Fib retrace of P3 at 5109. The minor A of major [A]-P4 wave is likely to continue to cascade lower to 5520 (near the 200-day SMA). Note: The alternate (red) count is valid below 6100.
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart:
SP-500 monthly chart:
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