S+P Midcap 400 Reinforces Buy Signals, Future Cycle High in Late-November ’24
10/12/24 – “Stock indexes remain positive with the DJIA & S+P Midcap 400 leading a new surge in which the Nasdaq-100 could/should retest its high and potentially set a double top. A pair of highs could be seen… That coincides with a potentially divisive US Election and the maturity of the 17-Year Cycle of Stock Market Peaks…
Stock Indices remain positive with the DJIA & S+P Midcap 400 following the same pattern that projected a new surge from October 7/8th into (ideally) October 17/18th.
The DJTA corroborated that by tracing out an entire ‘a-b-c’ decline without turning its daily trend down, a sign that signaled it was poised to embark on a new rally into late-October – when its ~1.5-month cycle recurs – or early-Nov. (An initial high is still likely on October 17/18th.)
The likelihood for a new rally in October aligns with the primary (geometric) cycle in the DJIA that comes back into play in mid-October 2024. A ~3-month cycle dates back to its mid-October ’22 bottom and subsequent peaks in January, April & July 2023.
That was followed by a ~3-month decline into the middle half of October ’23 – when another 6 – 12 month bottom was set. From there, the DJIA traced out a ~3-month/~13-week low – low (Jan 17) – low (Apr 17) – high (July 17/18, ’24) Cycle Progression – projecting a future peak for the middle of October… ideally October 17/18, 2024.
The successive, mid-October (’22 & ’23) lows also project a rally into mid-October ’24. A corroborating ~10-week low-low-(high) and ~5-week low-low-(high) Cycle Progression also projected rallies into October 14 – 18, ’24.
The S+P Midcap 400 has broken out higher in fulfillment of ongoing analysis. It remains on track for a future peak on October 24 – 31st. However, that might not be the final peak for that index since it has its greatest synergy of monthly & weekly cycles converging in late-November ’24. (See 10/09/24 WR Alert for detailed analysis.)
Meanwhile, the NQ-100 maintains wave targets near the July ’24 peak – around 21,200/NQZ. New monthly resistance concurs and is reinforced by the recent lows creating an Intermediate LLH in the vicinity. [A few key tech stocks possess uncanny synergy of cycles that converge on Nov 4 – 8, 2024 – portending a (likely) decisive peak at that time.]
Stock Indices are fulfilling outlooks for new rallies into mid-October after producing textbook bullish daily & intra-month trend patterns leading into October 3rd lows. The stronger indexes also bottomed right at their rising daily 21 High MACs and reversed higher, projecting initial rallies into mid-October. This could last into October 18th.” TRADING INVOLVES SUBSTANTIAL RISK
Stock Indexes remain strong and are reinforcing future cycles in mid-October, late-October & late-November 2024. Early-October buy signals remain in force and should spur surges (initially) into ~October 18th. The NQ-100 is showing signs of lagging that could impact the levels for the next significant peak, which is likely to occur near 21,200/NQZ.
In contrast, the S+P Midcap 400 and related indexes are showing that small and mid-cap stocks are likely to lead a surge into late-November ’24. The 17-Year Cycle remains focused on 4Q 2024 as the most likely time for a major peak in equities but price action needs to hone when and where that is most likely.
In the near-term, a multi-week high is likely on October 17/18th after additional upside. The ~5-week/~37-day cycle portends a subsequent peak on/around November 22/25th – when a myriad of cycles peak in the S+P Midcap 400. Late-October action should corroborate.
Why is S+P Midcap 400 Poised to Lead Surge into Late-November?
What Does the 17-Year Cycle of Stock Peaks Portend?
Will This Coincide with Election Cycles and the Outlook for US Dollar?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.