Stocks Fulfill 3 (of 5) Critical Criteria; 2 More Remain.
06/03/23 INSIIDE Track Update – “Stock Indices have fulfilled three critical upside targets – all of which needed to be attained before a new multi-month peak would become most likely:
— NQ-100 to reach/exceed 13,800 – 14,000/NQ
— S+P 500 to reach/exceed 4300 – 4350/ES
— NQ-100 & others to rally to June 2 – 9, 2023
Since Jan 5, ’23, INSIIDE Track & Weekly Re-Lay publications have repeatedly cited 4300 – 4350/ES (4335 – 4385/ESU) as the upside price target that needed to be reached to fulfill multiple expectations for a ‘B’ wave peak. Until that was reached, a new multi-month high was very unlikely to take hold.
That coincided with projections for an overall rally into June 2 – 9, ’23… Multiple technical indicators are corroborating these cycles, wave targets, and price objectives… The more bullish scenario, described in the Weekly Re-Lay, would have it spiking up to synergistic resistance at 14,718 – 14,778/NQM. It has nearly done that.
All of this is reinforcing the potential for a future decline that potentially bottoms in late-July/early-Aug ’23. Whether that is a steady decline, or a lot of sideways trading with an early-Aug ’23 spike low, remains to be seen.”
Stock indexes remain in bullish 3 – 6 month cycles & trends and are fulfilling the outlook for another rally into June ’23. Higher highs are still likely. Intra-year uptrends often spur a rally into the middle part of the year – approximately between mid-June & mid-July ’23. A peak in mid-to-late June ‘23 would corroborate what has already been projected by the Russell 2000 after setting a likely 3 – 6 month low on March 20 – 24, ‘23 (the latest phase of a ~3-month/~90-degree cycle AND a 3-Year Cycle from the March 20 – 24, ’20 low) and projecting a subsequent ~3-month rally (on balance) into mid-to-late-June ‘23.
The DJIA turned its weekly trend up in late-April, signaling a likely (initial) peak in early-May, and fulfilled the potential for a 2 – 3 week reactive sell-off… that is now likely to spur a new rally into the middle portion of June ’23. The S+P 500 is still poised to fulfill analysis (first detailed in early-Jan ’23) for a rally to 4300 – 4350/ES… with some higher targets forming in recent weeks.
The NQ-100 is attacking its primary upside target and latest range trading target (~10,900 – ~12,400 – ~13,900 – ~15,400, etc.) and has time/space for additional upside. Since the March ’23 analysis, the latest monthly LHRs (extreme intra-month price targets) have moved higher – first to ~14,450/NQ in April ’23 and then to ~14,800/NQ in May ’23 – identifying progressive extreme targets for this advance.
Why are Intra-Year Trends & Weekly Trends Forecasting Rallies into June ‘23?
How Does The Russell 2000 ~90-Degree Cycle Progression Corroborate that Outlook?
Can Indexes Exceed 2Q ’23 Targets at ~14,000+/NQ & ~4300 – 4350/ES Likely?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.