S & P Patterns Still Suggest More Upside
S & P cash got to 5732 overnight and is closer to the highs of the continuous session. NQ is staying above the key 20200 region. If the market is healthy and higher on schedule today, resistance is first at 5772 and 5787 and above there to 5795 and 5820 and we do have until the 16th -17th to get up higher. Pullbacks are likely to stay above 5720. We have a high into Thursday and then a 2 day pullback and more highs into the 16th
.
NQ closed above 20200. Above 20456 and we can project at least 20771 the next few day. We are open to 20971 next week. We are in topping mode over the next few we ks and between Hurricane Milton and waiting on Israel, it’s hard to get too friendly although our cycles suggest that we should get a nice pop into Thursday.
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For now we will go with this:
Extended cash targets into Oct 16-17th are 5844-60 at least and then pullback may be brief and only hit 5800. The uppermost target is 5970-6009. We cannot negate that possibility yet but the later in the month it gets beyond Oct 21st or so the lesser the
chances of it happening. NQ 100 looks like it will retest the July high in October which is 20971 on the continuation chart for futures with upper resistance at 21200. First resistance is at 20514 and then at 20771 and then 20800. We are keeping 21230 in our back pocket for
later in the month, it seems less likely right away and Megacaps seem rather stretched out although they inched through key highs of the week.
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