Stocks ‘Sizeable Rally’ Could Extend into April 17.
Stocks ‘Sizeable Rally’ Could Extend into April 17.
04/10/18 INSIIDE Track Intra-month Update: Stock Indices have not yet been able to confirm their latest reversals (lower) that took place last week. That delay is strengthening the scenario for the (potential) weekly trend signals…
On a weekly basis, the indexes reversed lower (last week) but did not provide a confirming reversal lower. By closing higher on Monday, equities showed some resilience and signaled a likely rebound…They validated that potential today with the DJIA, ESM & NQM all turning their intra-month trends up, even though they have not yet exceeded last week’s highs.
That intra-month trend signal has the potential to extend a rebound into mid-month (April 12 – 17), with the daily trend patterns playing a key role. As long as they do not turn positive, the potential for another decline – in the near future – remains intact.
From an intermediate timing perspective, there remains the potential for a lower low on April 23 – 27…The action of the coming days should help clarify if that is more likely to be substantially lower (than the April 2 lows) or in closer proximity to those levels.”
Stocks continue to rebound from April 2 (~32-day) cycle low and could still reach 24,715 – 24,741/DJIA, 2685 – 2697.5/ESM & 6768 – 6837/NQM. Daily trend action – in the days surrounding April 16/17 – should help clarify subsequent outlook.
See Weekly Re-Lay & INSIIDE Track for additional details.