January 3rd, 2025: SP-500 Chart Update
Posted by pugsma on January 3, 2025
6:45 pm EST: The SP-500 gapped up from 5868 to 5891, then rose steadily all day to hit 5849 (day’s high) and closed at 5942.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- SP500 Seasonality (Dec 31st): The SP500 closed in the red 4 consecutive days to end the year 2024. This has only happened 5 other times in the past 100 years. Each time the SP500 rallied each week of January with an average gain of +6.2% by end of January. Projection 5881 + 0.062*5881 = 6245 https://x.com/subutrade/status/1874135463935856814
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), if 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 5830, 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]. There is a potential double bottom at 5830 which targets 6370 on a break and close above 6050. Note: The primary (white/green) wave count is valid above 5830.
- The alternate (blue) wave count is that major [4]-P3-C3 of SCV played out as a Zig-Zag to 5830, just above where the C=A target at 5782. The major [5]=[1] target is at 6945. Note: The alternate (blue) wave count is valid above 5830.
- The alternate (red) count is that major [4]-P3-C3 of SCV is playing out to a 23% Fib retracement at 5641. Major [4] is taking the form of a Zig-Zag with minor A complete at 5832 and minor B complete at 6050. The minor C leg down is underway with a C=1.62*A target at 5616. There is also a potential head and shoulders (H&S) topping pattern fits with this alt(red) count. The head is at 6100, and neckline is at 5832. On a break and close below 5832, the H&S target is at 5564. Note: The alternate (red) count is valid above 6050.
Have a great weekend !
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 daily chart:
SP-500 weekly chart:
SP-500 monthly chart:
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