Nasdaq Confirms ‘Sizeable Rally’ Targets.
Nasdaq Confirms ‘Sizeable Rally’ Targets.
04/12/18 INSIIDE Track Intra-month Update: Stock Indices continue to vacillate above their early-April lows, rebounding after failing to confirm a new leg down last week…
Equities remain in those ‘few days of leeway’ in line with intra-month trends that argued for some additional upside into mid-month. It is intriguing that these equity cycles (as well as weekly 21 MARCs), and related Dollar cycles, and cycles in Gold & Silver (as well as weekly 21 MARCs) and the trends & outlook in Energy markets are all reaching an inflection point during the Month of Aggression (March 20 – April 19; the first month of the Natural Year when attacks & wars are most common) and as we near the Date of Aggression (April 19… and surrounding days).
And, at the same time, our President is contemplating military action in the Middle East – action that could have all kinds of unintended consequences (think Russia & Iran).
And, as he is placed into this critical decision time, the heat is being dramatically raised with regard to his past (alleged) choices & action. We appear to be in for an escalating sequence of ‘Cohen, Comey, Conflict’.
The indexes need daily closes above 24,622/DJIA & 2675/ESM to turn their daily trends up (the Nasdaq 100/NQM just did this)…
Ultimately, these indexes still need weekly closes below 23,360/DJIA, 2532/ESM & 6421/NQM to turn the weekly trends down and confirm a 3 – 6 month peak. The Major Market Index was the first to do this (on March 23), ushering in the 2 – 3 week period of congestion that has ensued. (The reversal of a weekly trend – a lagging/confirming indicator – often times the culmination of an initial move down and the onset of a subsequent, 2 – 3 week period of congestion or rebound… a period that is nearing fruition.)”
The Nasdaq 100 turned its daily trend up as equities continue to rebound from April 2 (~32-day) cycle low. That increases the likelihood for a rebound into ~April 17 and reinforces the potential for stock indices to reach (at least) 24,715 – 24,741/DJIA, 2685 – 2697.5/ESM & 6768 – 6837/NQM. Daily trend action is beginning to help clarify the subsequent outlook.
See Weekly Re-Lay & INSIIDE Track for additional details.