Stock Market ‘Proxy Stock’ (NVDA) Signaling Major Top; Sharp Drop Below 100.0 Projected!
06/22/24 – “Stock indexes remain on divergent tracks with NVDA (a key ‘proxy stock’ that fulfilled upside price & timing targets this past week) helping to spur over a third of the S+P 500’s gains while hundreds of other stocks steadily reverse lower.
This disparity could stretch into 4Q 2024 – when the 17-Year Cycle anticipates a final peak in the stronger indexes.
In contrast, the DJTA continues to lead a stealth decline in a broader swath of equities, having shed over 10% from its early-Feb & late-March ’24 highs (which were set below its July ’23 peak, which was set below its Nov ’21 peak)…
Both indexes turned their weekly trends down in mid-April, then entered multi-week reactive bounces (the textbook movement after this signal), and then began new declines. In line with the Axiom of Market Correlation, it would probably take a more extreme sell-off to drag down the stronger indexes…
The DJIA remains neutral, needing a weekly close below 38,000/DJIA to turn its weekly trend down.” TRADING INVOLVES SUBSTANTIAL RISK
Stock Indexes are moving toward decisive peaks projected for July & October 2024, in sync with overall 17-Year Cycle analysis and parallels. The NQ-100 is reinforcing expectations for similarities to 2007, in line with the 17-Year Cycle of Stock Market Peaks (successive highs in 1Q ‘24, July ‘24, and then October ’24 projected). Several timing indicators project a critical top for July 2024!
A key ‘proxy’ or ‘cue’ stock (a stock that often gives advanced signs of shifts in a broader market) is projecting a multi-month peak at this time – with NVDA fulfilling its upside targets and expected to set a decisive peak near 140.0/NVDA in this June 18/20th time frame. It is already identifying multi-month downside targets (below 100.0/NVDA)… that would involve a serious sell-off in this and other tech stocks leading into August ‘24.
How Does Impending Peak in ‘Proxy Stock’ Reinforce Outlook for 3Q ’24 Decline?
Why Does 17-Year Cycle of Stock Peaks Forecast Pivotal Highs for July & October 2024?
Will This Corroborate the Projected 2025/26 Recession (& Stagflation) Cycle?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.