NQ-100 Reinforcing May 23 Buy Signal; Rally into mid-June Likely.
NQ-100 Reinforcing May 23 Buy Signal; Rally into mid-June Likely.
05/30/18 Weekly Re-Lay Alert: Stock Indices remain in congestion with the next multi-month peak expected in late-June/early-July – the latest phase of the ~5-month low-low-low-low-high-(high) Cycle Progression. That is also the midpoint of the latest ~10-month cycle – both of which meet again in late-Nov./early-Dec. 2018.
As equities trade through this multi-quarter period of consolidation, without yet turning their weekly trends down, they are fulfilling competing cycles and short-term indicators. The next intermediate low is expected on xxxx x – x…
The action of the daily 21 MAC continues to corroborate this as the NQM has repeatedly tested and held above the weekly 21 High MAC – portending a rally to new recent highs. A spike up to 7120 – 7150/NQM could be seen this week…
The S+P 500 dropped sharply to begin the week, testing & holding its daily HLS, daily 21 High MARC, daily 21 Low MAC & weekly 21 Low MARC – while twice neutralizing its daily uptrend. Combined with the NQM analysis for another spike high, that projects a rally back to recent highs.
This slowly developing advance – since the DJIA set its lowest daily & weekly close on March 23 (and a brief intraday spike low on the first day of April) – could still stretch out into late-June, when those larger-degree monthly cycles project a subsequent multi-month peak.”
The Nasdaq 100 is validating the multi-week buy signal it generated on May 23 and remains on track for a rally back to its highs, leading into a multi-month cycle peak in late-June/early-July. Daily cycles are focusing on June 19 – 29 for that potential peak and reversal lower. Price action should clarify. See Weekly Re-Lay & INSIIDE Track for additional details and/or related trading strategies.