Stock Indexes Reach Upside Targets; Project Spike High Before Mid-Dec.
12/03/22 Weekly Re-Lay – “Stock indices remain in strong 2 – 3 month uptrends with the DJIA fulfilling ~2-month projections for an overall advance to 34,200 – 34,600 or higher – a 4th quarter gain of ~20% that has fulfilled the 12-Year & 24-Year Mid-Term Election Cycles. Additional upside is still likely…
Stock Indices remain in 1 – 2 month uptrends with the DJIA initially 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.
Equities have provided a succession of rallies, weekly trend reversals, reactive pullbacks, and then new rallies with new weekly trend reversals. The NQ-100 is the lone holdout, needing a weekly close above 12,236/NQH to turn its weekly trend up.
That could coincide with a spike high in the coming week – when multiple daily cycles converge – and another reactive pullback.
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 pulled back into daily cycles on Nov 29, fulfilling a ~16 trading-day high-high-high-low-low-(low) Cycle Progression in the NQ-100, and projected a subsequent rally… when many indexes would match/exceed the duration of their mid-June – mid-Aug ’22 rallies (Dec 5 – 9).”
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.