Stocks Fulfill Projected Peak on Sept. 13/16… DJ Transports Signal Danger & Quick Plunge. NFLX Concurs (‘Canary in Coal Mine’).
09/19/19 INSIIDE Track Intra-Month Update: “Stock Indices initially fulfilled the intermediate outlook for a rally from Aug. 26/27 (daily & weekly cycle lows) into Sept. 13/16 (daily cycle highs) before setting at least a 1 – 2 week peak…
The Transports are one exception… and were expected to remain weaker than the other indexes and to lead the expected reversal back down. They peaked on Sept. 13 and have since dropped sharply, twice neutralizing their daily uptrend. It would take a daily close below 10,447/DJTA to turn that trend down and signal more than just a 1 – 2 week high.
They peaked just below decisive resistance (11,000 – 11,150/DJTA) and did that while twice neutralizing their prevailing weekly downtrend (they have a different trend structure than the DJIA, ESZ or NQZ)… the Transports are projecting a likely drop back to their late-Aug. low – as long as a daily close below 10,447/DJTA materializes in the coming days…
For now, the DJTA is flashing an expected warning sign and could be leading the other indexes (turning down before the others do) – as is so often the case. Tomorrow’s action (and potentially that of Sept. 23) should be critical.”
Stock indexes fulfill projected rallies – forecast to peak on Sept. 13/16. DJ Transports are corroborating this and projecting new wave down and quick plunge back to late-Aug. low. NFLX reinforces bearish outlook in stocks (‘canary in coal mine’) – projecting new leg down after Sept. 9 peak and sell signal. (NFLX overall downside target remains MUCH lower!) Will Transports drag other indexes lower… into Oct. Danger Period?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.