NQ-100 Remains on Track for Spike Above 7300/NQ.
NQ-100 Remains on Track for Spike Above 7300/NQ.
06/02/18 Weekly Re-Lay: Stock Indices have slowly rallied as they move toward late-June, the time frame when the next multi-month high is most likely. The Nasdaq 100 remains in the most positive setup and could see a new spike high in the coming week and an ultimate retest of its intra-year high. The DJIA & S+P 500 are mixed with the DJIA negative…
Stock Indices have slowly moved higher since their early-April lows but remain in congestion with the next multi-month peak expected in late-June/early-July (with the Nasdaq 100 increasingly likely to retest its Jan. high).
That is the latest phase of the ~5-month low-low-low-low-high-(high) Cycle Progression that timed the late-Jan. high and that – along with an overlapping ~10-month low-low-low-low-high-(high) Cycle Progression – projects a subsequent high in late-Nov./early-Dec. 2018.
The weekly & intra-year trends remain mixed in the DJIA & ESM while positive in the NQM. That was expected to generate another near-term high – ideally spiking up to 7120 – 7150/NQM – before [reserved for subscribers]…
Stock Indices remain in daily uptrends with the DJIA & ESM neutralizing those trends before resuming their rebounds. The NQM has remained positive – reinforced by the action of its daily 21 MAC. The NQM repeatedly tested and held above the weekly 21 High MAC – during successive pullbacks – portending a rally to new recent highs.
When it first pulled back to that support (~6850/ NQM) on May 23, while testing & holding its daily HLS and daily trend support, the NQ triggered a new 1 – 2 week buy signal that projected a rally back to its high. It produced another set of bounces from that support, on May 29 & 30, confirming the May 23 signal and projecting further upside.
That was/is expected to [reserved for subscribers].”
The Nasdaq 100 is validating the multi-week buy signal it generated on May 23 that should ultimately create a rally back to its 2018 and all-time high, leading into a multi-month cycle peak and reversal lower in late-June/early-July – ideally on June 19 – 29. Price action should hone this analysis. See Weekly Re-Lay & INSIIDE Track for additional details and/or related trading strategies.