7/15/2024 – A positive day with the Dow Jones up 210 points (+0.53%) and the Nasdaq up 74 points (+0.40%)
We are looking for the final top on all indices. All indices are within their respective time/price margin of error. It is quite possible we saw the top on the NDX/SPX last Thursday and on the Dow today. Today’s slightly higher high on the Dow Jones remains within the margin of error of our short-term calculations.
However, any new higher highs on the Dow Jones going forward would negate this short-term point of force and suggest the Dow wants to top towards the end of the week as opposed to now.
We are now looking for a 2%+ structurally sound move down. Any such move would indicate the top is indeed in. Any lack of such a move down would suggest the indices want slightly higher highs.
Thus far, the SPX has delivered a perfect hit within its 5,600 (+/- 100 point) range. The NDX did not hit its updated range of 21,150 (+/- 100 points), but we are close. The Dow is within its 19,500 (+/- 500 points) final range. July 19th (+/- 2 trading days) TIME turning point range is only two trading days away.
Finally, as a result, we are forced to adjust our stop loss on the Dow to 41,150 at this time as we continue to maintain our 100% short position established at prior highs.
In summary, the market is putting in a complex top. Now all indices are looking for their respective tops. Our new price projections for these indices suggest they are nearly there and we are now on the lookout for a structurally sound sell-off that would confirm that the top is indeed in. Once the tops are in the market will begin a severe bear move.
End of Update ————–