Stock Indexes in Topping Phase; Watch NQ-100 Action on Dec 9 for Signs of Multi-Week Peak!
12/05/22 INSIIDE Track Update – “Stock Indices remain in 1 – 2 month uptrends with the DJIA fulfilling ongoing projections for an overall advance to (at least) 34,200 – 34,600 – a 4th quarter gain of ~20% that fulfills the 12-Year & 24-Year Mid-Term Election Cycles. They fulfilled analysis for new surges into early-Dec and are pulling back…
Equities have provided a succession of rallies, weekly trend reversals (up) followed by reactive pullbacks, and then new rallies with new weekly trend reversals (up). The NQ-100 is the lone holdout, needing a weekly close above 12,236/NQH to turn its weekly trend up. If it is able to do that on Dec 9 or Dec 16, it would set the stage for a more significant peak (2 – 4 weeks) in all the indexes…
That would also fulfill the previously-discussed ~16 trading-day high-high-high-low-low-(low) Cycle Progression in the NQ-100 – that projected a daily low for Nov 29 (see 11/28/22 IT Stock Index Update)… the next phase of that ~16 trading-day cycle – on ~Dec. 21.
The intra-month trends should help clarify this. As long as stock indexes do not turn their new intra-month trends down (with daily closes below 33,846/DJIA, 4020/ESH & 11,859/NQH), they should soon resume their rallies and move toward additional upside targets.
All three have pulled back right to their rising daily 21 High MACs – providing an additional reason why those daily closes would signal a 1 – 2 week top… Tomorrow’s close should provide important clues for the coming weeks.
1 – 2 month INSIIDE Track Update traders could be holding long positions in the DJIA (futures or related stocks) from Oct 20/21 at ~30,210 – 30,350/DJIA (YMZ) w/avg. open gains of about ~$20,000/contract. Risk [reserved for subscribers]. TRADING INVOLVES SUBSTANTIAL RISK!
Stock indexes are fulfilling projections for the largest advance in 2022 – led by the Dow, which was forecast to reach 34,200 – 34,600/DJIA in late-Nov/early-Dec ’22, on the heels of its Oct 20/21 buy signal. (See Oct & Nov ’22 INSIIDE Tracks & Weekly Re-Lays for details.) They have reached that objective, ushering in a potential topping phase. An additional spike high is likely in the coming ~week.
Most indexes fulfilled 9 – 12 month downside wave and price targets in Sept/Oct ‘22, projecting a subsequent higher-magnitude rally in 4Q ’22 – back to/toward their mid-Aug ’22 highs. Oct 13 & 20 buy signals corroborated! That has now reached fruition with initial long positions triggering an exit signal.
When is Next Sell-off Most Likely?
What Would Dec ’22 Spike High & Peak Signify?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.