Stocks & Latest Warning Signals; NVDA Poised for Multi-Month Peak Near 140.0.
06/19/24 – “Stock indexes began the week with some follow-through buying, fulfilling the intra-month uptrends in the stronger indexes while having the weaker indexes (DJTA, Russell 2000 & S+P Midcap 400) perpetuate a textbook daily 21 MAC reversal sequence – with each of them bouncing to their declining daily 21 Low MACs (after recently spiking up to their declining daily 21 High MACs and reversing lower) and reversing lower.
At the same time, those weaker indexes are tracing out similar 21 MAC reversal sequences on a weekly basis… amplifying the current risk. The DJIA is the most intriguing as it is adhering very closely to the high and low channels within that weekly 21 MAC.
That was reinforced by its spike high and subsequent weekly 2 Close Reversal sell signal last week (after testing & holding its weekly LHR the previous week). That is the second time it did that in the past 4 weeks… resulting in a weekly 2-Step Reversal sell signal as well.
A key proxy stock is corroborating this outlook…
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 did exactly that – plunging to 756.1/NVDA (75.61) while remaining in positive weekly, monthly & intra-year trends. Since it did not turn any indicators negative, NVDA reinforced its ongoing uptrend and resumed its advance, on track for a surge to its next major upside target.
That 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 during the current week would fulfill a ~44-week low-low-(high; June 17 – 24, 2024) Cycle Progression and complete back-to-back advances of equal duration.
1 – 3 month & 3 – 6 month traders could have exited a portion of long positions in March, anticipating a sell-off that could stretch into/past mid-June 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) is projecting a multi-month peak at this time – with NVDA fulfilling its upside targets and expected to set a decisive peak near 140.0/NVDA in this June 18/20th time frame. It is already identifying multi-month downside targets… that would involve a serious sell-off in this and other tech stocks.
How Does Impending Peak in ‘Proxy Stock’ Reinforce Outlook for 3Q ’24 Decline?
Why Does 17-Year Cycle of Stock Peaks Forecast Pivotal Highs for July & October 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.