“First Topping Signal Since December”

“First Topping Signal Since December”
AAPL & FANGs Lead Reversal Lower…
Nasdaq Triggers Dual Sell Signals.

04/23/16 Weekly Re-Lay: 

“Stock Indices remain positive but have fulfilled (and in some cases, exceeded) their 2–3 month upside objectives.  The Nasdaq 100 – led by several noteworthy stocks – is showing some signs of reversing lower…The Transports retested theirMarch 20 high – a month later (30-degree cycle) – but failed to close above that high, creating a potential double top exactly 90 degrees from the Jan. 20th low.

The Nasdaq 100 futures validated what was observed mid-week – that the FANG stocks (& Apple) were reversing lower. Friday saw an acceleration of that transition – pushing the NQ 100 to complete a weekly 2 Close Reversal lower.  That is the first topping signal since December

[Another ‘proxy’ I occasionally mention is SBUX, which spent two months struggling to rebound to its weekly trend neutral point – only to be rebuffed… showing early signs of a developing ‘c’ or ‘3’ wave decline.]

This past week’s highs occurred ~90 degrees from the Jan. 20th spike lows in so many Indices… as well as the latest phase of the DJIA’s 24-week high (Dec. ’14)–high (May ’15)–high (Nov. ’15)–high (April 18–22, 2016) Cycle Progression… an over-arching cycle of almost 180 degrees.

Since the DJTA did not close above its previous high, that peak – which perpetuated a 33–36 week/~8-month high (July ’13)–high (April ’14)–high (Nov. ’14)–high (Aug. ’15)–high Cycle Progression – also remains intact. 

And, with this past week’s rally, the S+P fulfilled a textbook example of wave (duration) equality, creating successive 10-week advances.  If a reversal lower is seen in the coming week, as is appearing more likely, it would likely spur an initial drop into May 16–20th

Stock Indices have fulfilled weekly & daily cycles that converged on April 20–22nd, leading to reversals in some key stocks & Indices.  The Nasdaq 100 has twice neutralized its daily uptrend and needs a daily close below xxxx/NQM[Reserved for subscribers only] to turn that trend down.  That would also turn the intra-month trend down while completing an Intra-month Inverted V Reversal lower.”  [See complete April 23, 2016 Weekly Re-Lay for details on developing sell signals, leading into the next ‘Danger Period’.]