AAPL & Nasdaq 100 Reinforce Outlook for Surges Into Early-Feb; Rally Could Stretch into Feb. 4 – 8. What Should Follow?
AAPL & Nasdaq 100 Reinforce Outlook for Surges Into Early-Feb; Rally Could Stretch into Feb. 4 – 8. What Should Follow?
01/30/19 INSIIDE Track Stock Index Update – “Stock Indices remain in intermediate uptrends, pulling back to begin the week (again) while testing daily HLS levels and weekly support and preparing for a new multi-day rally. The Nasdaq 100 pulled back right to its ascending daily 21 High MAC on Jan. 29 (6627/NQH; intraday low was 6616/NQH) – reaffirming its evolving intermediate advance and increasing the potential for another quick rally to new rebound highs. That has now taken hold.
Based on daily/weekly cycles, a multi-week high is most likely on Jan. 30 – Feb. 4 – perpetuating a ~60-degree high (early-Aug. ‘18) – high (late-Sept./early-Oct) – high (early-Dec.) – (high; Jan. 30 – Feb. 4) Cycle Progression…
Reinforcing 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)… Its initial resistance & upside target was/is ~172.00 and more significant resistance is 182 – 185.00. Yesterday’s earnings validated that outlook and spurred a new surge today.
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… with the DJIA just reaching that range.
As of right now, it would take daily closes below 24,480/DJIA, 2619/ESH & 6610/NQH to neutralize the 2 – 4 week uptrends. Until that occurs, additional upside remains a strong possibility.
Another indicator that dovetails with these cycles and portends a multi-week peak (ideally on Jan. 30 – Feb. 6) and reversal lower is the weekly trend pattern…
The weekly downtrends were again neutralized (second time) on Jan. 25 – confirming that the late-Dec. low was of a higher magnitude than any other bottom of the past 3 – 4 months… this weekly trend pattern still portends a multi-week peak during this week or next, since that is a lagging/confirming indicator that usually times the culmination of an intermediate advance.”
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. If these levels are tested on Feb. 4 – 6, it would validate an intriguing scenario setting up for coming weeks.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.