6/17/2024 – A positive day with the Dow Jones up 188 points (+0.49%) and the Nasdaq up 168 points (+0.95%)
The market is playing out exactly as per our adjusted forecast. We are now getting very close to our set of new targets for the SPX/NDX. To be exact, the SPX came within 10 points of its wider range at today’s high while the Nasdaq came within about 250 points.
To summarize the entire affair, this is turning into a complex market top formation. And while the Dow has topped perfectly in April-May, the NDX/SPX are still looking for their respective tops. We are nearly there.
Once again, in our prior weekly update we theorized that if the NDX/SPX were to push 2% higher during the week, they would shift gears into a slightly higher high as their completion points. At the same time, that would not necessarily mean the Dow would see a higher high as its April 1st and May 21st hits were perfect.
I believe we are dealing with this precise scenario.
Luckily, we have exact projections for both. Our calculations show the Nasdaq has a clear target at 18,250 (+/- 50 points) while the SPX has a bit more variable target at 5,600 (+/- 100 points). Both indices are now very close to their respective completion points.
The question is, when?
The next TIME turning point of interest arrives on June 17th (+/- 2 trading days). At appears, at least for the time being, the market might line up into this point. Having said that, if the indices correct over the next few days, avoiding this TIME/PRICE juncture, the next point will arrive in July. And if the latter is the case, we are in for a bit more of this mind numbing trading range – at least on the Dow/NYA/RUT.
This week is important in terms of looking for any signs of the SPX/NDX top. As soon as the NDX/SPX complete their bullish patterns the market should reverse into a severe bear. With the Dow confirming first by breaking below April lows.
In summary, the market is putting in a complex top. While the Dow has achieved a perfect hit on its Time/Price projection, the NDX/SPX are still looking for their respective tops. Our new price projections for these indices suggest they are nearly there.
End of Update ————–