Stock Market Outlook

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The News Buzz

• Market: Jamie Dimon, JPMorgan Chase's chairman and CEO, said a "hard landing" for the U.S. cannot be ruled out. He told CNBC that the worst outcome for the U.S. economy would be a "stagflation" scenario, where inflation continues to rise, but growth slows amid high unemployment.

• Cryptocurrency: The SEC approved 8 Ethereum (ETH) ETFs, including those from Van Eck, BlackRock, Fidelity, Grayscale, Ark 21Shares, Franklin Templeton, Invesco Galaxy, and Bitwise.

• AI: A team of researchers from Purdue University reported that 52 percent of programming answers generated by ChatGPT are incorrect.

• Semiconductor Chips: According to Reuters, NVDA cut the prices of the newest chips developed for the Chinese market in the Huawei chip fight.

INDY Dynamic Cycles Analysis

INDY, India’s market ETF, weekly dynamic cycles suggest a downward bias toward early 2025.

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QQQ Hurst Cycles Analysis

• QQQ, Nasdaq 100 ETF, is expected to form a 40W cycle peak within 1-2 weeks.

• It has a nice confluence of several estimated cycle peaks in early July.

Market Summary

As of close on 24 May 2024.

What Has Been

•  According to the tradition, SPX and NDX rallied ahead of Memorial Day, while DJI was flat.

• The bounce on Friday in SPX and NDX “cemented the drop on Thursday to three waves, i.e., corrective, which keeps open potential for another high in these indexes. But it was an inside day, inside Thursday’s bearish outside reversal candle.

• DJI is more complicated, as I will discuss in the premium content.

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• The 10D cycle turned up, according to expectations.

• I expect. . .

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