Stocks Reinforce ~25,300/DJIA & ~7300/NQ Targets; Peak Nearing.
Stocks Reinforce ~25,300/DJIA & ~7300/NQ Targets; Peak Nearing.
06/09/18 Weekly Re-Lay: Stock Indices have slowly rallied for the past 2 1/2 months since the DJIA set its lowest daily & weekly closes on March 23 and fulfilled multi-month & multi-quarter cycle lows in March 2018. At the time, they had neutralized their weekly uptrends multiple times – but failed to turn those trends down.
That began to turn focus back to late-June/early-July – the latest phase of the ~5-month low-low-low-low-high-(high) Cycle Progression – when the next multi-month peak has been expected.
The question was whether that cycle high was more likely to time a higher high or lower high. The conclusion remains mixed, with certain indexes more likely than others (to set higher highs).
The Nasdaq 100 just retested its intra-year high, fulfilling primary expectations for that index. It did that while reaching key 1 – 2 week upside targets enumerated in the May 23 Alert (surrounding 7250/NQ). That coincided with the DJIA reaching 1 – 2 week resistance levels (~25,300) as it retested the upper range of a 3+-month trading range – at 25,309 – 25,335/DJIA.
The testing of these levels could spur [reserved for subscribers].”
The Nasdaq 100 is reinforcing its May 23 buy signal that should ultimately create a rally back to its all-time high – with diverse targets just above 7300/NQU. The DJIA is nearing related upside targets (~25,300) and is expected to peak well below its 2018 high. Tech stocks are leading this advance and are expected to ultimately usher in a multi-month cycle peak and reversal lower – ideally on June 19 – 29. See Weekly Re-Lay & INSIIDE Track for additional details and/or related trading strategies.