How Daily Trends Are Poised to Confirm 2-Year Cycle Fulfillment in Stock Market.
How Daily Trends Are Poised to Confirm 2-Year Cycle Fulfillment in Stock Market.
Wk Resistance: 2737.0 – 2747.0/ESZ 25,173 – 25,246/DJIA 7106.0 – 7130.0/NQZ
11/01/18 – INSIIDE Track Stock Index Update: Stock Indices have rallied since beginning the week by spiking down to weekly support and weekly extreme downside targets and holding. That was expected to spur a sharp rally into at least Nov. 2, which is nearing fruition.
As this is occurring, the S+P 500 and Nasdaq 100 are nearing their weekly resistance levels (see above) – an intra-week target once weekly support has held early in the week. The DJIA has just exceeded its resistance.
The DJIA & NQZ have closed inside their daily 21 MACs, providing another indication that this rally is of a higher magnitude and increasing the potential for a test of last week’s highs (25,561/DJIA, 2782/ESZ & 7210/NQZ).
The DJIA & ESZ have twice neutralized their daily downtrends and now need daily closes above 25,396/DJIA & 2741.25/ESZ to reverse those trends to up and signal that this rally is of a higher magnitude than the mid-Oct. bounce. This should be the most decisive indicator with regard to how much additional upside potential these rebounds have.
Since these rallies are coming right after the weekly trends turned down, there is still the possibility that higher highs could be seen next week (higher than whatever is set as this week’s highs) – as part of a multi-week reaction higher. However, the daily trends need to turn up in order to validate that scenario.
With these indexes now fulfilling most of what was expected for this week, they now need to [reserved for subscribers]”
Equities are confirming a late-Oct. ’18 cycle low after fulfilling projections for a 2-Year Cycle plunge (10 – 15%) in October 2018. The price action of Oct. 26 & 29 fulfilled a myriad of downside objectives and projected the onset of a multi-week rally, with an initial surge into Nov. 5 – 9 likely.
The real intriguing part is what could unfold in late-2018/early-2019. Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.