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Bears Must Be Crying
BraVoCycles Newsletter
February 22, 2024
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Market Summary
Not much to add to what I stated yesterday. I warned about this possibility last night and this morning in the blog.
The pop in major indexes today was certainly not according to the 2nd half of February seasonality I shared last weekend. But February is not over.
As I said yesterday, major indexes may exhibit some strength for a couple of days along with NVDA, and the strength was incredible, but then all should turn down into late spring or early summer. They have satisfied all shorter cycles projections generated yesterday and/or today but could push a bit more within target regions. To generate still higher targets, indexes will have to pull back first. Of note is RUT/RTY underperformance last two days.
In the medium-term my view is unchanged. I expect a correction next couple of months. In such situations it is not a bad idea to raise cash on the rips.
Important time in the market required another massive premium section for deeper insights..
Market data as of 5:30 pm EST
Technical analysis
We have beaten to death longer term technical charts, several great and insightful ones.
Let’s look at some short-term charts. In the blog this am I showed NQ targets. Below is the highest target I have, corresponding to the 40D cycle. The target is satisfied but ES could push still higher towards 5140-50 potentially.
On the hourly charts, SPX and NDX are overbought but it would not surprise me if they levitate in that area another 1-2 days, as the wave structure might need some more work on the upside.
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Sentiment
The short-term OPTIX could use another 1-2 days to get overbought, so allow for still higher.
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