Stocks Fulfilling Late-October Buy Signals; Poised for January/February ’24 Cycle Peak.
01/27/24 – “Stock indexes have rallied since mid-month with the Russell 2000, DJTA and S+P Midcap 400 signaling they could/should rally back to the late-December highs before a new multi-week peak takes hold…
Stock Indices remain in positive weekly trends with the Russell 2000 continuing to signal that it should rally back to its December ’23 high… While declining into mid-month and right to its weekly 21 High MAC, the Russell 2000 dropped into a recurring ~12-week cycle & high-low-(low) Cycle Progression during the most likely week (based on the weekly trend pattern) for an intermediate low.
It quickly reversed higher as other indexes – like the DJTA & S+P Midcap 400 – spiked down to support and generated weekly 2 Close Reversals higher, a signal that usually triggers 2 – 3 weeks of upside follow-through. All three rallied into this past week but need to give daily closes above their January 23rd highs to turn their daily trends back up and exhibit any additional strength.
On a broader basis, the DJIA, S+P 500 & NQ-100 turned their initial intra-year trends up – reinforcing they are still in multi-month uptrends stemming from their late-October ’23 cycle lows. The other indexes would need to give weekly closes above their early-January highs to show similar strength.
From a cycle perspective, stock indexes are in the January/February time frame when the 2-Year Cycle has timed a multi-month high in 2018, 2020 & 2022 – perpetuating a ~24-month low (Jan/Feb ’14) – low (Jan/Feb ’16) – high (Jan ’18) – high (Jan/Feb ’20) – high (Jan ’22) – (high) Cycle Progression. As a result, another multi-month peak is likely in this time frame.”
Stock Indexes have rallied into the latest phase of the uncanny 2-Year Cycle in January/February 2024.
The DJIA is projected to attack 39,000 – 39,200 as the NQ-100 – the strongest index – is on track to attack its respective 1 – 2 year upside target at 17,800 – 18,200/NQ (stemming from multi-year bottoming signals in late-2022). Stock Indexes have rallied into the latest phase of the uncanny 2-Year Cycle in January/February 2024. In late-December ’23, the Russell 2000 attacked its 1 – 2 year upside target at 2085 – 2100… so it has already fulfilled a major objective and is trying to confirm a multi-month top.
When Will DJIA, S+P & NQ-100 Likely Reach Major Upside Targets?
What Would Signal a Multi-Week Peak? …a Multi-Month Peak??
Why is April/May 2024 Pivotal for Stocks?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.