Stocks Nearing 1 – 2 Month Targets; Brief Pullback Likely; Cycles Turn Back Up On Feb. 12, So Sell-off Could Be Brief. How Does This Impact April 2019 Cycles?
Stocks Nearing 1 – 2 Month Targets; Brief Pullback Likely; Cycles Turn Back Up On Feb. 12, So Sell-off Could Be Brief. How Does This Impact April 2019 Cycles?
02/05/19 INSIIDE Track Update – “Stock Indices remain in intermediate uptrends but are fulfilling the overall outlook for the start of 2019 – a surge from multi-week cycle lows on Dec. 26/27 into… late-Jan./early-Feb.
Corroborating that, the weekly trends reversed to up in all three primary indexes – further confirming the late-Dec. lows and ushering in the time for an initial 2 – 4 week peak (since those weekly trend reversals are a lagging and confirming indicator that often pinpoint the culmination of an initial advance – leading to a final spike high and reversal lower in the ensuing week).
This rally has nearly reached the extreme upside targets at 25,324 – 25,462/DJIA, 2755 – 2765/ESH & 7104 – 7173/NQH, increasing the potential for a 1 – 3 week correction to take hold from near those levels. The weekly resistance levels (reprinted above) corroborate these targets with daily LHRs, Intra-week PLLRs, etc. also aligning in close proximity to these targets…
Stock indexes remain positive and would not turn their daily trends neutral (and intra-month trends down) until daily closes below 24,960/DJIA, 2695.5/ESH & 6858/NQH.”
Stocks are nearing 1 – 2 month upside objectives (watch 7104 – 7173/NQH) and poised for initial high on Feb. 5 – 6. However, short-term cycles could again turn positive as soon as Feb. 12, so an intervening pullback is likely to be short-lived. Daily trend patterns will need to filter expectations for this brief pullback.
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.