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Market Summary
What has happened?
· The last several days, we had a high level sideways consolidation in market indexes. Feels like gathering energy for another, possibly last, push higher.
· Indexes had a small drop into NVDA’s earnings and a whipsaw in the after-hours session before bouncing nicely in the futures market.
· What is next?
· It would be ideal that when indexes reach existing targets, about 2-3+/-% higher, CNN’s Fear & Greed gets into the extreme greed territory.
· SPX, NDX, and DJI are not far from a top of significance, neither in time (give it a week or tow) nor price.
· Then I expect a bigger correction to commence by mid-June or so.
· It is still a good strategy to sell the rips (RIPs), i.e., raise cash, gradually, as we have been suggesting since December, especially since February-March. 🤑
· Buying the dips (BTDs) becomes more risky as indexes approach targets.
· My intermediate- and long-term views have not changed. They are bearish. 👇️
Market data as of close on 22 May 2024.
Gif by theresidentonfox on Giphy
EWU, i-Shares UK ETF Analysis
Is the UK stock market hinting at a gentleman's exit opportunity to the bulls?
· The UK stock market used to lead the US and European markets with respect to turning points. I don't know if that is still the case.
· The weekly cycle composite EWU, i-Shares UK ETF, is suggesting down into early 2025 at least.
· The daily cycle composite of EWU suggests that a turndown can happen soon, after which both weekly and daily cycle composites will be in synch, at least until July.
To have maximum benefit from the newsletter, it is essential to follow me on X, where I often post important and timely charts between newsletters.
Yesterday, in the after-hours session, I posted an NVDA update after its earnings release on X. It almost reached its highest target.
- #NVDA spiked after earning above the Keltner channel and was rejected by the gray channel.
- It should reach the highest target (80D, posted some time ago) after a minor consolidation, with strong negative divergences in RSI and MACD.
- $NVDA wil top soon and likely also #SMH… x.com/i/web/status/1…— BraVoCycles Newsletter (@BraVoCycles)
10:57 PM • May 22, 2024
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Cycle Analysis of Major Indexes
· Various time cycle analyses I shared with you indicated that indexes should peak by early (maybe mid) June or so.. . .
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