Nasdaq-100: A Closer Look – Part III; Higher Highs on Tap.

05/31/23 Weekly Re-Lay Alert – Stock Indices remain mixed with the S+P 500 & NQ-100 in positive territory and capable of rallying to higher highs in the coming days.  That is based on their daily & intra-month trend structure, their daily 21 MACs, and the cycles/Cycle Progressions that have been in focus for the past couple months (including a newer one)…

After the NQ-100 rallied into early-May and corroborated a couple of these cycles, the May 6, ’23 Weekly Re-Lay reiterated this analysis and the outlook for higher highs to be set in early-June ‘23

Price/time indicators are corroborating.  The NQ-100 surged to its weekly LHR on May 19, which usually leads to a 1 – 2 month peak in the 1 – 3 weeks that follow.  It nearly made it to its weekly HHR last week, reinforcing that pattern, and spiked higher to begin the current week – setting the stage for that anticipated peak.

In a more bullish scenario, it could spike to the current week’s HHR at 14,778/NQM – which is close to other weekly resistance levels at 14,718 – 14,734/NQM – before peaking.  (That resistance could be reinforced if it spiked down to ~14,170/NQM and then rallied.)  This is now, however, necessary to usher in a peak.”


Stock indexes remain in bullish 3 – 6 month cycles & trends and are fulfilling the outlook for another rally into June ’23.  Higher highs are still likely.  Intra-year uptrends often spur a rally into the middle part of the year – approximately between mid-June & mid-July ’23.  A peak in mid-to-late June ‘23 would corroborate what has already been projected by the Russell 2000 after setting a likely 3 – 6 month low on March 20 – 24, ‘23 (the latest phase of a ~3-month/~90-degree cycle AND a 3-Year Cycle from the March 20 – 24, ’20 low) and projecting a subsequent ~3-month rally (on balance) into mid-to-late-June ‘23.

The DJIA turned its weekly trend up in late-April, signaling a likely (initial) peak in early-May, and fulfilled the potential for a 2 – 3 week reactive sell-off… that is now likely to spur a new rally into the middle portion of June ’23. The S+P 500 is still poised to fulfill analysis (first detailed in early-Jan ’23) for a rally to 4300 – 4350/ES… with some higher targets forming in recent weeks.

The NQ-100 is attacking its primary upside target and latest range trading target (~10,900 – ~12,400 – ~13,900 – ~15,400, etc.) and has time/space for additional upside.  Since the March ’23 analysis, the latest monthly LHRs (extreme intra-month price targets) have moved higher – first to ~14,450/NQ in April ’23 and then to ~14,800/NQ in May ’23 – identifying progressive extreme targets for this advance.

Why are Intra-Year Trends & Weekly Trends Forecasting Rallies into June ‘23?

How Does The Russell 2000 ~90-Degree Cycle Progression Corroborate that Outlook? 

Can Indexes Exceed 2Q ’23 Targets at ~14,000+/NQ & ~4300 – 4350/ES Likely?

 

Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.