AAPL Earnings Confirm Technical Signals; Surge Into Early-Feb & Up To (at least) 172 Likely; Overall Indexes Portend Rally into Feb. 1 – 8.
AAPL Earnings Confirm Technical Signals; Surge Into Early-Feb & Up To (at least) 172 Likely; Overall Indexes Portend Rally into Feb. 1 – 8.
01/29/19 Weekly Re-Lay Alert – “Stock Indices remain in intermediate uptrends, pulling back to begin the week (again) while testing daily HLS levels and weekly support. In the case of the Nasdaq 100, it also pulled back right to its ascending daily 21 High MAC. That reinforces the potential for another quick rally to new rebound highs…
The weekly downtrends were again neutralized on Jan. 25 – confirming that the late-Dec. low was of a higher magnitude than any other bottom of the past 3 – 4 months. That heightened expectations for a decisive week on Jan. 28 – Feb. 1 – coinciding with (and potentially culminating) the overall 2 – 4 week outlook for an advance into late-Jan./early-Feb.
It would take weekly closes above 24,860/DJIA, 2677/ESH & 6828/NQH to reverse those trends to up and escalate these advances to the next higher magnitude. Whether or not these occur, this weekly trend pattern still portends a multi-week peak during this week or next. (The weekly trends will have the greatest impact on what to expect from the next intermediate cycle low – in late-Feb.)
And that corroborates cycles that have been discussed in recent weeks…
Based on daily/weekly cycles, that next high could stretch into Jan. 30 – Feb. 4 and perpetuate a ~60-degree high (early-Aug. ‘18) – high (late-Sept./early-Oct) – high (early-Dec.) – (high; Jan. 30 – Feb. 4) Cycle Progression…
Corroborating that, another key proxy stock (AAPL) was projected to see a new 3 – 5 day surge begin on Jan. 24/25 (see 1/23/19 Weekly Re-Lay Alert) and to spike to a rebound high on Jan. 28 – Feb. 1, the latest phase of a consistent 17-week low-high-high-(high) Cycle Progression and the midpoint of an over-arching 34-week low-high-(high) Cycle Progression.
(AAPL has initial resistance around 172.00 and more significant resistance around 185.00.)
The overall indices could still make it to extreme upside price targets at 25,324 – 25,462/DJIA, 2755 – 2765/ESH & 7104 – 7173/NQH. Newer resistance – at 24,970 – 25,045/DJIA, 2744 – 2749.5/ESH & 7099 – 7118/NQH – could slightly alter those targets.
As of right now, it would take daily closes below 24,244/DJIA, 2608/ESH & 6590/NQH to neutralize the 2 – 4 week uptrends. Until that occurs, additional upside remains a strong possibility.”
AAPL increasing likelihood for surge to 172 (or higher) into early-Feb., corroborating outlook for equity indexes to extend advances (from Dec. 26) into early-Feb. and up to ~25,300/DJIA and ~7100/NQH. Weekly trends corroborate this and project a likely rally that could stretch into Feb. 4 – 8.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.