Stocks Poised to Bounce…
Stocks Poised to Bounce…
March 2 Low Projects Quick Rally;
DJIA 40-Day Cycle in Focus.
03/03/18 Weekly Re-Lay: Stock Indices remain above the lows set on Feb. 9 while fulfilling 2 – 3 week sell signals and the weekly trend patterns. At the same time, the DJTA fulfilled downside objectives and perpetuated a ~12-week high-low-low-(low) Cycle Progression (that projects a future low in early-May 2018).
One of the most significant, and most telling, aspects of that initial sell-off was the weekly trend pattern. The primary indexes generated multiple neutral signals against their prevailing weekly uptrends but need weekly closes below 23,360/DJIA 2532.5/ESM & 6187/NQM to reverse those trends to down.
As long as that does NOT occur, the 2 – 3 month trend has NOT turned down (only neutral)… The DJIA & ESM generated outside-week/2 Close Reversals lower this past week, while the NQM created an outside week reversal (lower) but could not complete a weekly 2 Close Reversal.
From a cycle perspective, there remains the potential for another sell-off (a ‘c’ wave decline) in March 2018.
The STOXX 50 Cash Index plummeted again and closed the week at the lower extreme of 1 – 2 year support (2940/MPY) and the lowest level since early-Dec. 2016. This support is do-or-die.
Stock Indices have initially repeated the late-Jan/early-Feb. pattern in which highs were set on the 26 – 29th of the month and a quick sell-off took place in the days that followed. The only difference is the daily trend pattern.
The DJIA & NQM twice neutralized their daily uptrends but would not turn those trends down until [reserved for subscribers].”
Stock Indices fulfill expected quick sell-off from late-Feb. into early-March, with daily trend patterns and daily 21 MARCs projecting a rally into March 9/12… and back up to late-Feb. highs.
See Weekly Re-Lay & INSIIDE Track for additional details.