Replies to post #73545 on Abet Chichi2 (Chichi2)

[DiscoverGold]

»» The Dow Going Into End of July ««
By: Marty Armstrong | July 23, 2021

The Dow is still trading sideways below technical resistance yet above the Weekly Bearish Reversals. There still appears to be ZERO chance of a major collapse for capital is still in an unsettled position trying to figure out the future.

We have a Directional Change next week and that is when the volatility should start to reappear. Note that the Panic Cycle is starting the week of August 30th. We see also a Directional Change in the NASDAQ for next week and a Weekly Panic Cycle the week of August 30th. Historically, for whatever reason, most of the major highs in the stock market have taken place around Labor Day looking at 1987 as well as 1929. There has often been something to do when summer ends.

So be patient just yet. While there may be a correction ahead, this market has a Panic Cycle in August. That increases the risk of an outside reversal which means we can still make a new high and then turn down. DO NOT anticipate at this time.

DiscoverGold

Click on "In reply to", for Authors past commentaries