Stock Index Intra-Month Trends Show Strength; Project Surges to Major Upside Targets!
01/13/24 – “Stock indexes have rallied after selling off in the opening days of January but NOT turning their new intra-month trends down. That pullback occurred after the NQ-100 (and others) fulfilled its ~2-month cycle and surged from October 26/27th into December 27th.
Most of the primary indexes sold off long enough, and far enough, to attack monthly support levels but not far enough to turn their intra-month trends down. That was expected to spur a new rally…
In 2017/18, stocks rallied strongly from Oct ’17 into Jan ’18. In 2019/20, stocks rallied strongly from Oct ’19 into Jan ’20. In 2021/22, stocks rallied strongly from Oct ’21 into Jan ’22.
And in 2023/24, stocks began a strong rally in October ’23… and have advanced into Jan ‘24.
If so, that would perpetuate a ~24-month low (Jan/ Feb ’14) – low (Jan/Feb ’16) – high (Jan ’18) – high (Jan/Feb ’20) – high (Jan ’22) – (high; January 2024) Cycle Progression. (From the perspective of this specific cycle, a subsequent, divergent high would be possible in February ’24. However, the primary peak remains most likely in January ’24.)…
Stock Indices are mixed, heading into mid-month with the DJIA, S+P 500 & NQ-100 rallying as expected. In contrast, the DJTA, Russell 2000 and S+P Midcap remain near their lows and could spike to new lows in the coming days (mid-month) even as the DJIA, S+P 500 & NQ-100 could spike to new highs. What follows that will be the key!”
Stock Indexes remain strong and fulfilled the projected 4Q 2023 advance, stemming from intermediate buy signals triggered after they fulfilled downside price & timing objectives on Oct 27/30, 2023. Additional highs are still expected in January 2024 – likely stretching into month-end – in order to fulfill the latest phase of the uncanny 2-Year Cycle in January/February 2024.
The DJIA is projected to surge to (potentially above) 39,100 as the S+P 500 and NQ-100 attack their respective 1 – 2 year upside targets (stemming from multi-year bottoming signals in late-2022).
When Will DJIA, S+P & NQ-100 Likely Reach Major Upside Targets?
Why is April/May 2024 Pivotal for Stocks?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.