Stocks Project Likely Rally into Mid-January… Potentially Longer. Upside Targets in Focus.

01/06/24 – “Stock indexes sold off to begin January, with some indexes testing and holding monthly support levels without turning their new intra-month trends down.  That has the potential to be a positive factor that could spur a rally into mid-January…

Stock Indices sold off in the opening days of January after the NQ-100 (and others) fulfilled its ~2-month cycle and surge from October 26/27th into December 27th.  (That cycle should time a future high in late-February but corresponding specifics for that are yet to be determined.)

Most of the primary indexes sold off long enough, and far enough, to turn their daily trends down but NOT far enough to turn their intra-month trends down.  In both cases, that should at least spur [reserved for subscribers]…

In 2017/18, stocks rallied strongly from Oct ’17 into Jan ’18.

In 2019/20, stocks rallied strongly from Oct ’19 into Jan ’20.

In 2021/22, stocks rallied strongly from Oct ’21 into Jan ’22.

And in 2023/24, stocks began a strong rally in October ’23 and extended it into Jan ‘24

…A high at any point in January ‘24 would perpetuate a ~24-month low (Jan/Feb ’14) – low (Jan/Feb ’16) – high (Jan ’18) – high (Jan/Feb ’20) – high (Jan ’22) – (high; January 2024Cycle Progression.

On a 1 – 2 year basis, the DJIA remains on track to ultimately reach its multi-year LLH (39,107/DJIA) – ideally in January ’24 – and fulfill a major upside objective created by its 2020 & 2022 lows.  That level is reinforced by a multi-year range target at 39,000 – 39,200/DJIA.

However, synergistic levels of monthly resistance could prevent that from being reached in January…

Stock Indices sold off to begin the month with the S+P 500 & NQ-100 (along with secondary indexes) dropping right to their monthly support levels without (yet) turning their new intra-month trends down.  Both those factors are often indications of an intra-month low being set.  In that case, a market should subsequently rally into mid-month (which is already considered likely) and could rally into month-end.”


Stock Indexes fulfilled the projected 4Q 2023 advance, stemming from the intermediate buy signals generated after they fulfilled downside price & timing objectives on Oct 27/30, 2023.  Additional highs are still likely in January 2024 – likely stretching into the second half of the month – in order to fulfill the latest phase of the uncanny 2-Year Cycle. Watch January 22nd in the DJIA.

 

How High Could Projected Surge into January ‘24 Reach?

Why Would That Set the Stage for 1Q/2Q 2024?

What is in Store for 2024/2025?

 

Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.