NQ-100 Setting Up New Buy Signal; Reinforcing Projected Rally to ~13,800/NQ.

03/08/23 Weekly Re-Lay Alert – Stock Indices remain in a pivotal period after reaching critical support last week.  Most indexes remain in weekly uptrends and retraced to a convergence of support levels including their weekly trend neutral point.

The NQ-100 is currently the most constructive, having pulled back to its rising weekly 21 High MAC, fulfilling the textbook 1 – 3 week reactive sell-off after turning its weekly trend up.  It dropped far enough to twice neutralize its daily uptrend… but not turn it down.  That indicator would not turn negative until a daily close below 12,058/NQM.

(This week, the weekly 21 High MAC converges with weekly support around 12,200/NQM… a decisive level of support on a 3 – 5 day basis.)

It remains positive or neutral (but not negative) on multiple levels and could see additional indicators turn positive over the next 3 – 5 days IF no further selling is seen.  The S+P 500 is another interesting index, based on a combination of weekly cycles…

It retraced into Feb 27 – Mar 3, ’23, testing its weekly trend support but remaining in a weekly uptrend.  That low fulfilled a 10-week low-low-(low) Cycle Progression in the S+P 500 as well as a related ~20-week high-low-low-(low) Cycle Progression.

[The next phase of that 20-week cycle and related phases of the ~10-week AND ~40-week cycle could produce a future low in ~mid-to-late-July ’23, when all three next converge.  That is closely related to multi-month cycles in many other indexes as well.

The late-Dec/early-Jan ’23 low in the NQ-100 fulfilled a 7-month/~30-week high-high-low-(low) Cycle Progression that projects a future low in Aug ’23.  That is the same time (late-July/early-Aug ‘23) the DJIA would fulfill a ~9.5 month high-high-high-low-(low) Cycle Progression and the S+P 500 would fulfill a related 40 – 41-week high-low-(low) Cycle Progression.

Aug ’23 is also when the DJTA would fulfill a 46 – 47-week high-low-(low) Cycle Progression.  [Add’l specifics regarding that potential low are yet to be determined.]…

As far as price objectives, the NQ-100 should rally to at least ~13,200 and potentially to 13,500 – 13,800 – the mid-Aug ‘22 high and corroborating upside targets.  Three consecutive monthly LHRs (extreme upside monthly targets) also converged in that range.  A high near there would double the Oct/Nov ’22 rally and the Jan ’23 rally – two examples of range-trading.  It would also fulfill a 50% rebound of the 2021/22 sell-off.

Based on wave action, there is a good chance the futures could exceed those levels & spike up to ~14,200/NQM.  That is in perfect alignment with its declining monthly 21 High MAC – around 14,250/NQ.  (Since its monthly 21 High MARC has jumped to ~14,500+ this month, the 21 MAC could continue to head down.)  The S+P 500 is still capable of reaching ~4300/ES before a ‘B’ wave rally peaks…

1 – 4 week traders can enter long positions in June ’23 mini-Nasdaq 100 futures at current levels and average into these down to [reserved for subscribers].”  FUTURES TRADING INVOLVES SUBSTANTIAL RISK!

Stock indexes remain on track for another rally with the NQ-100 and S+P 500 projecting higher levels (~13,800/NQ, possibly 14,200+ & ~4300/ES) before their advances would have a better chance of peaking.

Those upside targets – and how/when they are reached – should reveal a great deal about what to expect leading into key cycles in late-July/early-Aug ’23.  In the interim, stocks have fulfilled most of what was expected for a multi-week pullback (from early-Feb) and the NQ-100 is setting up a new buy signal.

 

What Did/Does 4Q ’22 4-Shadow Signal Portend for 1Q ‘23?

How High Could Latest Rallies Reach?

What Would Likely Follow Tests of ~13,800/NQ & ~4300/ES?

 

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