Stocks Mixed; Poised for Pullback
01/21/17 Weekly Re-Lay:
“Stock Indices remain positive though becoming more mixed every few days. The Nasdaq 100 & S+P 500 remain in uptrends as the DJIA turned its daily trend neutral several times but has been unable to reverse it down.
A DJIA daily close below 19,677 is needed to turn that daily trend down & join other Indices that have turned their daily, intra-month & daily 21 MAC trends down in recent weeks.
Those Indices include the NYSE, MMX, Russell 2000 & DJ Composite. (The Russell 2000 just turned its daily trend to down on Jan. 19th, so a quick 2–3 day bounce is likely.) However, these Indices have failed to neutralize their weekly uptrends, so the 1–3 month trends remain up.
From a cyclic perspective, the DJTA fulfilled the potential for a rebound into Jan. 17–20th – perpetuating a ~6-week low-low-low-high-high Cycle Progression. The daily equivalent – a 41–44 day cycle – pinpoints Jan. 19–23rd for that peak. It maintains resistance at 9235–9310/DJTA.
That Index argues for the next multi-week low to take hold in early-Feb. – 180 degrees from its early-August (secondary) low as well as 30 & 60 degrees from the two latest intermediate lows (all of these were set within 1 trading day of the respective new month). And that is corroborated by a ~90-degree low (Aug. 2)–low (Nov. 4)–low (Feb. 2nd/3rd) Cycle Progression in the DJIA…
Stocks are mixed with the NQ-100 remaining the focus as it has just made it to initial upside targets – at 5074–5091/NQH. Weekly resistance could allow for a retest of that level in the coming days. If it peaks on Jan. 20–24th, it would complete three successive rallies of equal duration.
The DJIA is corroborating that with a developing 17-day high (Dec. 20)–high (Jan. 6)–high (Jan. 23rd) Cycle Progression that could produce another 1–2 week peak on Monday. The S+P has a 25–27 day low (Oct. 13)–low (Nov. 9)–low (Dec. 5)–low (Dec. 30)–(high) Cycle Progression projecting a peak around Jan. 24th.”
Stocks Poised for multi-week peak. Late-Jan./early-Feb. expected to time next low (perpetuating 4-week & 8-week low-low cycles). Subsequent rally could stretch into culminating phases & time a late-Feb./early-March peak. 17-Year Cycle reinforces analysis for a more significant peak by the end of 1Q 2017 … and the onset of a very challenging period, at least into March 2018. See Weekly Re-Lay & INSIIDE Track for additional details.