December 19th, 2024: SP-500 Chart Update
Posted by pugsma on December 19, 2024
4:45 pm EST: The SP-500 gapped up from 5872 to 5912, quickly hit 5935 (day’s high), then oscillated between 5920 and 5880 before dropping to 5866 (day’s low) and closing at 5867.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- SP500 Buy Signal Trifecta was triggered on Dec 18th, 2024 (All Three Signals Remain Triggered without confirmation as of the close on Dec 19th):
- 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 5866. 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 (blue) wave count is that major [3]-P3-C3 of SCV topped at 6100. The major [4] wave is underway as double Zig-Zag that should hold above the 23% Fib retrace of P3 at 5641. Within major [4], the first minor W wave down is nearing completion at 5866. Once the minor W wave completes there should be a minor X wave up to near the 6017 pivot before minor Y drops to the 5641 target to complete major [4]. It’s also possible major [4] could form a flat or triangle wave and would likely be more shallow than the double Zig-Zag down to 5641. Note: The alternate (blue) count is valid below 6100.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart:
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