Stock Market Peaking; Nasdaq 100 Nearing Projected Top (~16,700/NQ).
11/20/21 Weekly Re-Lay – “Stock indices continue on their divergent paths with the S+P 500 & NQ-100 rallying to new highs – in sync with their daily and weekly trend patterns – while the majority of stocks and indexes followed their projected path, dropping into Nov 19/22 after peaking on Nov 4 – 9. The DJIA has dropped right to its mid-Aug high – a key level of resistance turned into support that could help determine if the DJIA is capable of new highs leading into the cycle peak in early-2022…
Stock Indices remain divergent with the majority of stocks and indexes fulfilling analysis for peaks on Nov. 4 – 9 – perpetuating ~60-day/~2-month low-high-high-high-(high) Cycle Progressions in which a low and then a series of peaks were seen on the 4th – 7th trading day of every other month (March, May, July, Sept. and Nov ‘21) – and subsequent declines into Nov 19 (+ or – 1 trading day)…
The recent sell-offs also fulfilled a ~90-degree/~3-month high-low-(low) Cycle Progression in many key stocks. While that was unfolding in the DJTA, Russell 2000 & DJIA, the NQ-100 & S+P 500 stayed strong and fulfilled their daily trend patterns that projected new highs during this time frame.
This form of rotation could continue in the coming weeks as the perpetually-lagging indexes and stocks bottom while the S+P 500 and NQ-100 could initially peak and see some selling materialize…
This remains in the overall context and outlook for 2021/2022 in which most equities were/are expected to set 1 – 3 month (or longer) tops in May/June ’21, Sept. ’21 and Jan/Feb ’22. A greater synergy of cycles, including the uncanny 2-Year Cycle, converge in Jan/Feb ’22.”
Stocks are fulfilling critical upside targets with the NQ-100 poised to spike up to ~16,700/NQZ – ‘where a myriad of upside objectives converge’ before a multi-month peak takes hold.
The Russell 2000 has fulfilled its monthly & weekly trend patterns as well as Elliott Wave structure – all of which projected a final surge following the Sept 20 cycle low. It has reached key upside targets and could now see a series of sharp sell-offs, before and after a projected (divergent) high in early-Jan ‘22.
The DJTA did the same – and reached multiple major upside price targets – setting the stage for a multi-month (or longer) peak. The NQ-100 is expected to spike up to ~16,700/NQ in order to fulfill a decisive wave ‘5’ objective and then enter a broader, multi-month corrective period. Continued divergence is expected as the equity markets prepare for what could be a dramatic shift in 2022, beginning with a larger-magnitude decline following an early-Jan ’22 peak.
How Long Could ~16,700/NQ Peak Hold? Are Multiple Sell-offs Likely? What are ramifications of DJTA, Russell 2000 and NQ-100 attacking multi-month or multi-year upside targets??
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.