Stock Indexes Projecting Peak Near ~34,400/DJIA in Late-Nov/Early-Dec.
11/26/22 Weekly Re-Lay – “Stock indices remain in strong intermediate uptrends with the DJIA on track for an overall advance to 34,200 – 34,600 or higher – a 4th quarter gain of ~20% that would fulfill the 12-Year & 24-Year Mid-Term Election Cycles…
On Nov 11, the DJIA, DJTA, S+P Midcap 400 & Russell 2000 turned their weekly trends up (lagging indicator). The S+P just did the same on Nov 25 (while also closing above its now-rising weekly 21 High MAC). The NQ-100 cannot do that until Dec 2, needing a weekly close above 12,118/NQZ.
The Russell 2000 continues to trace out a multi-month trading range – trading from its mid-April ’22 high (when the DJIA peaked and signaled a new dangerous period in the weeks to follow) to its mid-June low, then back up to its mid-Aug high (same as mid-Apr high), then down to its late-Sept/mid-Oct low (same as mid-June low), then back up.
Multi-month resistance comes into play around 2030 – 2060/QRZ – its mid-Aug & mid-Apr ’22 highs. That is also where the Oct & Nov ’22 monthly LHRs (extreme monthly upside targets) converge. 4 of the latest 5 weekly LHRs concur…
1 – 2 month traders could be holding positions in the DJIA (futures or related stocks) from Oct 20/21 (at ~30,110 – 30,450/YMZ or DJIA) w/avg open gains of ~$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 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.