Stock Market ‘Proxy Stocks’ (NVDA & MU) Signaling Major Top; Sharp Drop Below 100.0 Projected!
06/26/24 – “Stock indexes remain mixed as they trade through a vulnerable period… The weaker indexes continue to fulfill the outlook for a type of ‘c’ wave decline from their mid-May ’24 peaks as the S+P 500 & NQ-100 remain in positive territory… thanks to a handful of stocks.
The primary one of those stocks – NVDA – fulfilled upside price & timing targets last week after helping to spur over a third of the S+P 500’s gains in 2024.
[Less than 10% of stocks in the S+P 500 AND NQ-100 have set new 52-week highs (let alone new 2 – 3-year highs) in recent weeks. In the Nasdaq, the median decline for individual stocks in 2024 has been 30+% (10 – 15% in the S+P 500) – something that has not been reflected in the indexes, hidden by a few frothy stocks.]
In March 2024, the Weekly Re-Lay detailed the outlook for NVDA to set an initial multi-week peak around 950 (now the equivalent to 95/NVDA) and drop sharply into April 19th – with a downside target of 750 – 765/NVDA (75 – 76.5/NVDA on a current chart, adjusted for the 10/1 split).
NVDA fulfilled that analysis – plunging to 756.1/NVDA (75.61) while remaining in positive weekly, monthly & intra-year trends. That reinforced its ongoing uptrend and led to a resumption of its advance, with upside price and timing targets recently fulfilled.
The April 19th low projected the onset of a new advance that would fulfill multi-month & multi-year cycle highs on June 17 – 21, 2024 with multi-month upside targets converging at 133.50 – 142.75/NVDA.
Among other things, a peak last week would fulfill a ~44-week low-low-(high; June 17 – 24, 2024) Cycle Progression and complete back-to-back advances of equal duration. It peaked at 140.76 on June 20th, ushering in a new intermediate peak. A daily close below 118.00 would elevate the current decline.
The DJTA & Russell 2000 are tracing out a bearish pattern on the weekly charts… but have not yet confirmed it. They turned their weekly trends down in mid-April, then entered multi-week reactive bounces (the textbook movement after this signal), and then began new declines… right on schedule.” 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) is fulfilling a multi-month peaks projected for June 17 – 21st at/near 140.0/NVDA. It is already pinpointing 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.