January 17th, 2025: SP-500, QQQ and IWM Chart Update
Posted by pugsma on January 17, 2025
10:55 am EST: The SP-500 gapped up from 5838 to 5983, quickly hit 6000, dropped to 5978, rallied to 6000…
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.
- Bull Flag: Bull Flag from 6100 to 5773 with a target at 6427 on a break above 6100.
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
- AAII Sentiment: Investor sentiment is the most bearish since November 2023 when the SP500 hit the P2 low at 3492! Only 25% Bulls and 40% Bears this week. This is great news for the bullish primary (white/green) and alt(blue) wave counts. aaii.com/sentimentsurvey”
https://x.com/aaiisentiment/status/1879880966703034385?s=46&t=gg5AXDQK37ob5YJ37ot1dw
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]. Within minor 5, minute (1) is targeting 6029. 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 Double 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.
House Keeping: The US Markets are closed on Monday, January 20th for the MLK Holiday. The next blog post will be on Tuesday, January 21st.
Have a great long weekend!
SP-500 15-min chart:
SP-500 60-min chart:
QQQ 15-min chart:
QQQ 60-min chart:
IWM 15-min chart:
IWM 60-min chart:
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