December 23rd, 2024: SP-500, QQQ and IWM Chart Update
Posted by pugsma on December 23, 2024
7:10 pm EST: The SP-500 opened flat from 5931, dropped to 5902 (day’s low), then reversed and rallied to 5978 (day’s high), before closing at 5974.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- SP500 Buy Signal Trifecta: The Trifecta was triggered on Wednesday, Dec 18th. Two of three SP500 Buy Signals were confirmed on Friday, Dec 20th and the VIX Sell/SP500 Buy Signal was confirmed on Monday, Dec 23rd.
- SP500 Seasonality: The “Santa Rally” time frame is the last 5 trading days of 2024 and the first two of 2025: beginning on Tuesday, December 24th and ending on Friday, January 3rd. The typical gain is +1.3% with a 78% probability: https://x.com/RyanDetrick/status/1871322312219468049
Key Technical Indicators (Intermediate to Long-Term):
- Zweig Breadth Trust (ZTB): The ZBT was triggered on Friday, December 20th with a close above 0.40 after dropping below 0.40 on Wednesday, December 18th. The ZBT is a very bullish signal, but also very rate. The ZBT would be confirmed within 10 trading days (ending Monday, January 6th), the ZBT level reaches 0.615: !BINYBT | SharpCharts | StockCharts.com
Wave Count(s):
- The primary (white/green) wave count is that minor 4 of major [5]-P3-C3 of SCV completed at 5832, just below the 38% Fib retrace or minor 3 at 5835. The minor 5 wave up is underway and will complete major [5]-P3-C3 at 6234, where major [5]=[1]. The first minute (1) or minor 5 wave completed at 5982 and the minute (2) wave retraced to 5902, just below the 50% Fib at 5907. Wave minute (3) up is underway with a target at 6202, where (3)=2.0(1). Note: The primary (white/green) wave count is valid above the minor 4 low at 5832.
- 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 A wave down completed at 5832. The minor B wave up is underway and should target at least the 6017 pivot area before minor C 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 (5832) than the double Zig-Zag down to 5641. Note: The alternate (blue) count is valid below 6100.
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Have A Merry Christmas!
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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