BLOW-OFF PHASE FOR STOCKS COMPLETING BY MONDAY
The surge in NQ this week was great and we had started to see it last Friday and into the weekend but it is mostly APPLE and NVDA although Tesla is participating today. RSP, which is the equal-weighted S & P is below the old high of 169 by about 3 points and is not confirming the action of a few stocks. Extended NQ cash targets are 19677 and 19884 and even up to 20068 and could complete Friday or Monday. Cash NQX closed at 19465 on Wednesday and futures were only 31 over at settled on June on Wednesday.
On the S & P Cash We are favoring the completion of the 3rd wave off of the May 31st high which projects 5466-70 on cash and would be followed by a 100 point break to 5366-70 on cash and then probably a divergent high or double top toward 5490 or 5510 on S & P cash. The divergent high does not have to come in.
APPLE: Apple hit 220 overnight and has resistance at 221.98. If they continue to go bananas, 240 is the extended target. The cap on this stock is making it seem like the market is running away. The weekly chart projects 253. It will come back to 200 later in the month.
NVDA: NVDA continues to look good and we may hold out for 131.00 before considering profits as we had a target of 131.2 before. Technically it seems ok above 115.50-115.80 holds. . A 4th wave target into late June could go to 1076which would be 107.60 after the split. There is an upper target to 131.70. If the market accelerates, targets are up to 141 and 160 even but we are running out of time but will give it a few more days.
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