Stock Indexes Projecting Peak in Late-Nov/Early-Dec – Near ~34,400/DJIA.
11/22/22 Weekly Re-Lay Alert – “Stock indices remain in strong intermediate uptrends with the DJIA on track for an overall advance to (at least) 34,200 – 34,600 – a 4th quarter gain of ~20% that would fulfill the 12-Year & 24-Year Mid-Term Election Cycles…
The monthly SPR, PLLR & 21 High AMAC converge at 34,794 – 34,847/DJIA… identifying that range as a key, upside objective for the month of Nov ’22. Wave targets are grouped at ~34,800 – ~35,100/DJIA, reinforcing this overall range.
Equities have rallied since new bullish signals were generated on Nov 3/4 – projecting additional surges into mid-Nov and to monthly resistance levels – with the likelihood of extending that advance after a brief pullback. That latest phase is now unfolding.
After surging into mid-month – with stocks initially peaking in line with a 19 – 22 day high-high-high-high Cycle Progression in the NQ-100 – stock indexes pulled back for a few days – setting the stage for a new 1 – 2-week rally to follow. Since the Nov 15 high was on track to hold for at least 3 – 5 days, stocks could rally to new highs at any time from this point forward.
Most of the indexes pulled back to their Nov 1 highs (the high of the month-opening range & current intra-month trend support) and rising daily 21 High MACs while maintaining daily uptrends. At the same time, the Russell 2000 and a few key stocks twice neutralized their daily uptrends during those corrections – reinforcing the likelihood for a pullback low (before that trend can turn down) and the onset of a new rally.
Based on their overall wave structure, several indexes remain on track to attack their mid-Aug highs as part of this overall 4Q ’22 advance … even if that stretches into Dec. ’22. Some, like the NQ-100, remain relatively weaker and could fall short of those highs.
The weekly trend patterns continue to corroborate and/or clarify the 4Q ’22 outlook. On Nov 11, the DJIA, DJTA, S+P Midcap 400 & Russell 2000 turned their weekly trends up (a lagging/confirming indicator) – most of them doing that for the first time in 2022.
The Nasdaq-100 cannot do the same until Dec 2, at the earliest, while the S+P 500 could do it on Nov 25 – with a weekly close above 4009/ESZ. Stocks could try to maintain their uptrends into late-Nov/early-Dec and then set an intermediate (or longer) peak at that time.
1 – 2 month traders could have entered long positions in the DJIA (futures or related stocks) on Oct 20/21 (at ~30,110 – 30,450/YMZ in the DJIA futures) and be holding these. Risk [reserved for subscribers].” TRADING INVOLVES SUBSTANTIAL RISK!
Stock indexes are fulfilling projections for the largest advance in 2022 – led by the Dow, which is projected to reach 34,200 – 34,600/DJIA in late-Nov/early-Dec ‘22. (See Oct & Nov ’22 INSIIDE Tracks for details.) Daily cycles are reinforcing analysis for an intermediate high to stretch into that time.
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 remains the focus until early-Dec ’22 and ~34,400/DJIA.
How Long Should Late-Sept ’22 Low Hold?
Why was/is Higher-Magnitude Advance Projected for 4Q ‘22??
What Would Early-Dec ’22 Peak Signify?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.