Stock Indexes Reach ~34,400/DJIA Target; Late-Nov/Early-Dec Cycles Arrive.
11/30/22 Weekly Re-Lay Alert – “Stock indexes remain in 1 – 2 month uptrends with the DJIA initially fulfilling ongoing projections for an overall advance to (or above) 34,200 – 34,600 – 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). An initial high & pullback quickly followed.
On Nov 25, the S+P did the same thing (while also closing above its now-rising weekly 21 High MAC). That also ushered in an initial high and pullback into daily cycle lows on Nov 29.
The NQ-100 could do the same on Dec 2, needing a weekly close above 12,118/NQZ. If that occurs, it could lead to another spike high…
On a contrasting basis, the NQ-100 had a ~16 trading-day high-high-high-low-low-(low) Cycle Progression that projected a daily low for Nov 29…
1 – 2 month traders could have been holding long positions in the DJIA (futures or related stocks) from Oct 20/21 (at ~30,110 – 30,450/YMZ or DJIA) and finally exited these on the Nov 28 close (33,871/YMZ) w/avg gains of ~$18,000/contract. TRADING INVOLVES SUBSTANTIAL RISK!
Stock indexes are fulfilling projections for the largest advance in 2022 – led by the Dow, which was projected to reach 34,200 – 34,600/DJIA in late-Nov/early-Dec ‘22. (See Oct & Nov ’22 INSIIDE Tracks for details.) They have now reached that objective, ushering in a potential topping phase.
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 is now reaching fruition.
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.