Stocks Fulfill April 23 – 27 Spike Low; May 21 – 23 = Next Cycle High.
Stocks Fulfill April 23 – 27 Spike Low; May 21 – 23 = Next Cycle High.
04/25/18 Weekly Re-Lay Alert: Stock Indices remain in no-man’s-land, dropping sharply since peaking on April 17/18 and fulfilling intra-month uptrend signals while perpetuating a 24 – 25 trading-day low (Dec. 29) – low (Feb. 6) – high (Mar. 13) – high (April 17/18) Cycle Progression. The next phase of that cycle is around May 21 – 23.
In most indexes, the April 17/18 peak came right by monthly 2nd Close Resistance (the level they would need to close above – on April 30 – to generate a monthly 2 Close Reversal higher). Those levels should remain as key 2 – 4 week resistance.
Stock Indices turned their daily trends down on April 24 – validating that date as an important Decision Day… Those daily trend reversals reinforced the likelihood for an intervening low on April 23 – 27 – when weekly cycles have been projecting one (since a daily trend reversal often occurs within 1 – 2 days of an initial low and bounce).
That was corroborated by equities spiking down to daily 21 MARC support and daily HLS levels (23,978/DJIA, 2616/ESM & 6442/NQM) – extreme downside targets on a short-term basis.
Once again, the weekly closing levels will be critical. That pertains to the weekly 21 MACs and weekly trends… Until the Indexes turn their weekly trends & weekly 21 MARCs down, congestion remains in force.”
Stock indexes spiked down to multiple extreme downside targets – increasing the potential for a multi-week low on April 23 – 27. This comes after the DJIA fulfilled projections for a sharp drop from late-Jan. into/through March 2018 (lowest daily AND weekly close was March 23, 2018) without turning its weekly trend down. That is slowly increasing the potential for a rebound into the late-June/early-July monthly cycle high.
The Nasdaq is in the strongest technical position and is more likely to retest its all-time peak, leading into monthly cycle highs in June/July 2018. That would be reinforced by a multi-week low taking hold by April 27. See Weekly Re-Lay & INSIIDE Track for additional details.