Stock Market ‘Proxy Stock’ (NVDA) Pinpoints First Downside Target; Portends NQ-100 Drop.
06/29/24 – “Stock indexes remain mixed with the potential for a new sell-off in July… An initial low – in the coming week – would corroborate that potential.
More important are diverse price indicators & targets…With NVDA peaking at upside targets (133.50 – 142.75) and in sync with its ~44-week low-low-(high; June 17 – 24, 2024) Cycle Progression – while completing successive rallies of equal duration – it could drop to ~96 – 97.00 in the coming weeks…
1 – 3 month & 3 – 6 month traders could have exited a portion of long positions, anticipating a sell-off that could stretch into xxxxx 2024.” TRADING INVOLVES SUBSTANTIAL RISK
Stock Indexes are moving toward decisive peaks projected for July & October 2024, in sync with overall 17-Year Cycle analysis and parallels. The NQ-100 is reinforcing expectations for similarities to 2007, in line with the 17-Year Cycle of Stock Market Peaks (successive highs in 1Q ‘24, July ‘24, and then October ’24 projected). Several timing indicators project a critical top for July 2024!
A key ‘proxy’ or ‘cue’ stock (a stock that often gives advanced signs of shifts in a broader market) has fulfilled a (multi-month) peak projected for June 17 – 21st at/near 140.0/NVDA. It is already pinpointing primary multi-month downside targets (below 100.0/NVDA)… that would involve a serious sell-off in this and other tech stocks leading into August ‘24.
When will NQ-100 peak and begin a similar descent? Watch 17-Year Cycle!
How Does Developing Peak in ‘Proxy Stock’ Reinforce Outlook for 3Q ’24 Decline?
Why Does 17-Year Cycle of Stock Peaks Forecast Pivotal NQ + SP 500 Highs for July 2024?
Will This Corroborate the Projected 2025/26 Recession (& Stagflation) Cycle?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.