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Re: DiscoverGold post# 36570

Sunday, 05/09/2021 7:11:38 PM

Sunday, May 09, 2021 7:11:38 PM

Post# of 54865
NASDAQ Composite Index (COMP) - CAUTION ADVISED Very Choppy »» Weekly Summary Analysis
By: Marty Armstrong | May 8, 2021

NASDAQ Composite Index Cash opened above the previous high and closed above it as well warning of a bullish posture right now. The overall oscillator position is also turning positive at this time. It closed today at 1375224 and is trading up about 6.85% for the year from last year's settlement of 1287000.

As of now, this market has been rising for this month going into May reflecting that this has been only still a bullish reactionary trend.

ECONOMIC CONFIDENCE MODEL CORRELATION

Here in NASDAQ Composite Index Cash, we do find that this particular market has correlated with our Economic Confidence Model in the past. Our next ECM target remains Mon. Mar. 14, 2022. The Last turning point on the ECM cycle low to line up with this market was 2009 and 2002. The Last turning point on the ECM cycle high to line up with this market was 2020 and 2007 and 2000.

MARKET OVERVIEW
NEAR-TERM OUTLOOK

The NASDAQ Composite Index Cash has continued to make new historical highs over the course of the rally from 2009 moving into 2021. We have elected four Bullish Reversals to date.

This market remains in a positive position on the weekly to yearly levels of our indicating models.

From a perspective using the indicating ranges on the Daily level in the NASDAQ Composite Index Cash, this market remains neutral with resistance standing at 1377671 and support forming below at 1367428. The market is trading closer to the resistance level at this time.

On the weekly level, the last important high was established the week of April 26th at 1421157, which was up 8 weeks from the low made back during the week of March 1st. We have seen the market drop sharply for the past week penetrating the previous week's low and it closed beneath that low which was 1394163. This was a very bearish technical indicator warning that we have a shift in the immediate trend. We are still trading neutral on the Weekly Momentum Indicators and this is a warning that initial support has been breached. This strongly implies we should pay close attention now to the Weekly Bearish Reversals. If we begin to elect Weekly Bearish Reversals, then we are dealing with a more sustainable near-term correction.

INTERMEDIATE-TERM OUTLOOK

YEARLY MOMENTUM MODEL INDICATOR

Our Momentum Models are rising at this time with the previous low made 2018 while the last high formed on 2020. However, this market has rallied in price with the last cyclical high formed on 2020 warning that this market remains strong at this time on a correlation perspective as it has moved higher with the Momentum Model.

Interestingly, the NASDAQ Composite Index Cash has been in a bullish phase for the past 13 months since the low established back in March 2020.

Critical support still underlies this market at 1254310 and a break of that level on a monthly closing basis would warn that a sustainable decline ahead becomes possible. Immediately, the market is trading within last month's trading range in a neutral position.



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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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