Market Timing and Price Projections

Intraweek Update, November 21, 2023

Summary

Not much to add regarding the cycle's big picture and macro-EW counts to what I reported in the weekly newsletter. Did the market top for now? Perhaps, but the TGD week complicates things. The market is positive over 80% of the time Wednesday through Friday around the Holiday. It could still be positive without making a new high, though. Whether a new high will be achieved or not is largely academic as the upside is limited. I expect the market down into mid-December +/-, perhaps 3-5%, TBD. NDX reached its 40D cycle target in the desired time window. RTY barely entered the target area but ideally, I would like to see one more wave up to 1865+/-15. SPX failed to reach its 40D cycle target by 1%, but that does not preclude that we have seen a top in SPX. We will discuss the micro-level details in this intra-week report.

Subscribe to the Pro Tier to read the rest.