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Market Summary

· It looks like that the market decided to keep its options open, and at the same time keep participant in uncertainty. Not much has changed since the last report.

· What is next?

· As for the EW counts there is a great degree of uncertainty between up and down alternatives. A coin flip situation.

· Shorter cycles up to 40D have a down bias, while the intermediate-term cycles, such as 80D and 20W, have an up bias into June. These shorter cycles could cause a deep pullback but it is also possible that they just yield a sideways consolidation.

· Cycle projections hint to still higher, even to new highs. We can assign the probability 0.7 to this aspect.

· Correspondingly, we may still see twists and turns until June before a bigger correction commences.

· It is still a good strategy to sell the rips (RIPs), i.e., raise cash, gradually, as we have been suggesting since December and especially since Feb-March. 🤑

· My intermediate- and long-term views have not changed. They are bearish. 👇️ 

Market data as of close on 8 May 2024.

Walking Mountains GIF by Bookatrekking.com

Gif by Bookatrekking on Giphy

Continuing with Magnificent 7. They are important for NDX and the overall market direction. Let’s check how some of them are doing.

NVDA Cycle Analysis

· Short-term and intermediate term cycles up to 20W suggest more up into late May.

· Longer-term cycles from the weekly chart indicate a prolonged slide, bounces along the way non-withstanding.

NVDA EW & Technical Analysis

· NVDA stopped at the 78.6% retrace before a recent 4 day pullback. 78.6% is a good level for black wave (ii). It is possible to consider a double zig-zag for a higher (ii) as shown in the chart below.

· However, the blue candidate is more likely based on the cycles and cycle price projections. There is a 40D cycle projection to above last high.

·  Moreover, the drop in April counts better as a corrective a-b-c for the blue count than a leading diagonal for black (i).

· Need to give NVDA a chance for a new high.

Buzz On the Street

Why is Jamie Dimon selling his JPM stock holdings?

· JPMorgan Chase & Co. Chief Executive Jamie Dimon has sold another batch of stock about a month after he raised $150 million through an earlier insider transaction.

· Dimon sold 161,845 shares of JPMorgan Chase JPM on Wednesday at a price of $195.65 for total proceeds of about $31.66 million, according to a filing.

· That’s over $180 million so far this year!

 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, I posted a timely alert for CL.

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