Stocks Poised for New Rally After April 24.
Stocks Poised for New Rally After April 24.
04/21/18 Weekly Re-Lay: Stock Indices rallied into April 17/18 – fulfilling the intra-month uptrend signals while perpetuating a 24 – 25 trading-day low (Dec. 29) – low (Feb. 6) – high (Mar. 13) – high (April 17/18) Cycle Progression. They turned down and neutralized their daily uptrends but remain in no-man’s-land, basis the weekly trends.
Reinforcing that (and confirming ongoing congestion), the DJIA closed barely below its weekly 21 Low MAC while the ESM closed barely above it’s corresponding weekly 21 Low MAC. Both of these indexes remain in intra-year downtrends but both have failed to turn their weekly trends down. So, more consolidation could ensue.
The Nasdaq 100 remains the more positive index and tested its weekly 21 High MAC while reaching its 6800+ target from early-April and retesting its year-opening range high. It pulled back but closed higher on the week, leaving it also in neutral territory – with a bit more of a positive bent. If it does not reverse its daily trend down, in the next 2 – 3 days, the NQM could head back to its high.
Stock Indices now enter a pivotal 1 – 2 day period when a secondary low is possible…This potential is reinforced by the daily 21 MARCs – that will drop sharply in the coming days (potentially creating support and spurring the related 21 MACs to turn up).
The other reason this is possible is the weekly support positioning. The weekly HLS levels are aligned close to the weekly Raw SPS levels – creating the potential for weekly 2 Close Reversal Combo signals (IF the indexes tested weekly support early in week and then rallied enough to close higher on the week).
Nowhere is this support in a tighter range than in the Nasdaq 100. And, it is reinforced by the NQM’s weekly 21 Low AMAC – all converging at xxxx – xxxx/NQM, If the Nasdaq 100 tested AND HELD that support on April 23 or 24, it would set the stage for a new rally that could last into ~May xx [specifics reserved for subscribers].”
Stock indexes rallied into April 17/18 and set initial highs, perpetuating a daily cycle that portends a subsequent peak around May 21 (and then possibly in late-June – along with monthly cycle highs). The Nasdaq 100 is leading this reversal higher – after the DJIA fulfilled projections for a sharp drop into/through March 2018 (lowest daily AND weekly close was March 23, 2018) and are slowly advancing toward their late-June/early-July monthly cycle high.
If equities/NQ-100 see a quick, sharp pullback to begin the week (spiking down to their weekly extreme downside target), they would be in a position to mount a new rally after April 24. The Nasdaq is in the strongest technical position and is one of the indexes most likely to retest its all-time peak, leading into monthly cycle highs in June/July 2018. See Weekly Re-Lay & INSIIDE Track for additional details.