January 14th, 2025: SP-500, QQQ and IWM Chart Update
Posted by pugsma on January 14, 2025
7:05 pm EST: The SP-500 gapped up from 5836 to 5859, quickly hit 5872 (day’s high), dropped to 5805 (day’s low), rallied to 5858, dropped to 5811 and rallied to close at 5842.
Key Technical Indicators (Short to Intermediate Term) Print SharpCharts from StockCharts.com
- NYMO: Monday, Jan 13th confirmed a NYMO +DIV wrt the new SP500 closing low at 5827 on Friday, Jan 10th.
- VIX: Monday, Jan 13th confirmed a VIX -DIV wrt the new SP500 closing low at 5827 on Friday, Jan 10th.
Key Technical Indicators (Intermediate to Long-Term):
- Back-to-Back +20% Years: Since ’50, 21 times S&P 500 was up 20% (price only, so not total return) and next yr higher 81.0% of time and up 10.6% on avg. After back-to-back 20% yrs? Up 20.0% on avg and higher 4 out of 4. Avg yr up 9.5% and higher 72.0% of time. https://x.com/RyanDetrick/status/1875958963080225199
Wave Count(s):
- The primary (white/green) wave count is that minor 4 of major [5]-P3-C3 of SCV completed at 5773. The minor 5 wave up is underway and will complete major [5]-P3-C3 at 6234, where major [5]=[1]. Note: The primary (white/green) wave count is valid above 5773.
- The alternate (blue) wave count is that major [4]-P3-C3 of SCV played out as a Zig-Zag to 5773, where the minor Y = minor W wave. The major [5] wave up in underway with minor 1 targeting the 6250 area. Note: The alternate (blue) wave count is valid above 5773.
- 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 below 6021.
House Keeping: I will be traveling on Wednesday, January 15th and thus there will not be blog post. The next blog post will on Thursday, January 16th. I will be away from home until Thursday, January 23rd. I will post a few (not every day) blog posts during this time frame.
SP-500 15-min chart:
SP-500 60-min chart:
SP-500 4-hr chart:
SP-500 daily chart:
QQQ 60-min chart:
QQQ daily chart:
IWM 60-min chart:
IWM daily chart:
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