Stocks Project Rally into October 17/18th; S+P 400 & NQ-100 Honing 4Q ’24 Outlook

10/05/24 – “Stock indexes remain positive with the DJTA & Russell 2000 consolidating as the DJIA, S+P 500 & 400 Midcap and Nasdaq-100 are poised for new 1 – 2 week rallies…

Stock Indices remain positive with the DJTA & Russell 2000 correcting (but not turning their daily trends down) while the DJIA, S+P 500 & NQ-100 headed progressively higher.  The S+P Midcap 400 is trading similarly.

On a 1 – 2 month basis, the NQ-100 has wave objectives converging near the July ’24 peak – around 21,200/NQZ.  That could be tested before a potential October 2024 peak takes hold.  New monthly resistance aligns near the same level.

The DJIA has a very intriguing geometric cycle that comes back into play in mid-October 2024 and is the ideal time – at least for the DJIA – to set a multi-month peak.  A ~3-month cycle dates back to its mid-October ’22 bottom, after which it timed peaks in January, April & July 2023.

That was followed by a ~3-month decline into the middle half of October ’23 – when another 6 – 12 month bottom was set.  From there, the DJIA traced out a ~3-month/~13-week low – low (Jan 17) – low (Apr 17) – high (July 17/18, ’24) Cycle Progression – projecting a future peak for the middle of October… ideally October 17/18, 2024.

A corroborating ~10-week low-low-(high?) and ~5-week low-low-(high?) Cycle Progression also converge during the week of October 14 – 18, ’24…

Stock Indices are set for rallies into mid-October after pulling back in a textbook bullish pattern.  In each case, they twice neutralized (but did not turn down) the daily uptrend while bottoming right at the rising daily 21 High MAC and reversing higher (without turning the intra-month trend down).

The S+P Midcap 400 is similar after setting multiple peaks at 3120 – 3140/IDX.  The latest spurred a brief pullback that twice neutralized (but did not turn down) the daily uptrend while bottoming right at the rising daily 21 High MAC and reversing higher (without turning the intra-month trend down).

All those factors are likely to spur a breakout higher that could see a quick, accelerated rally into October 14 – 21st…”    TRADING INVOLVES SUBSTANTIAL RISK


Stock Indexes remain strong and are reinforcing future cycles in mid-October & late-November 2024.  The NQ-100 is showing signs of lagging that could impact the levels for the next significant peak.  The 17-Year Cycle remains focused on 4Q 2024 as the most likely time for a major peak but price action needs to hone when and where that is most likely.

In the near-term, many indicators are projecting a new rally into October 17/18th – when a multi-week high is likely.  At least one related cycle reinforces future focus on late-November for a subsequent peak.

 

How are Cycle Highs in Mid-October & late-November ’24 Connected?

What Does the 17-Year Cycle of Stock Peaks Portend?

Will This Coincide with Election Cycles and the Outlook for US Dollar?

 

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