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Stock Market Earnings Season Trend Big Picture

Stock-Markets / Stock Market 2023 Oct 17, 2023 - 10:27 PM GMT

By: Nadeem_Walayat

Stock-Markets

Since the stock market topped out at 4610 the trend has been down in line with my road map of over 10 months ago!

Stock Market Analysis and Trend Forecast Oct 2022 to Dec 2023

S&P targets a trend to 4600 by Mid Summer 2023 before correcting to below 4100 by late October.


So the stock market pattern has proved remarkably accurate, similar to Musk's rockets landing on a moving boating in the middle of the ocean and soon it will be time to rinse and repeat for next year, which is going to take a good SIX WEEKS OF HARD WORK! A mind numbing exercise! A case of game playing scenarios until resolving in a pattern that appears to be the most likely probable outcome, collapsing the stock markets wave pattern so to speak, after all our brains ARE quantum computers.

Ahead of my last article I shared my trend expectation. which mapped out a downtrend into early October.

In fact the swing trend forecast has proven so accurate that the price is largely invisible behind the tend pattern as it plays follow the orange leader.

Though looking at the MACD, I suspect it's soon due for a kink higher similar to early March to resolve in a probable ABC pattern for THE low by early October. Whilst the most probable price target remains at 4150, however the range of where THE LOW could be is from between 4240 to 4070, as we will only know THE actual low with the benefit of hindsight.

The bottom line is that the stock market is oversold, though I would not take this as a cue to go LONG the futures in attempting to play counter trend noise that may turn out to be little more than brief blip higher into a sideways trading range as illustrated by the original (orange) trend forecast. Nevertheless this would achieve the same objective for unwinding an oversold state as would a more significant rally.

This article is excerpted from my extensive analysis Stock Market Correction Counting Down to Nvidia Earnings Bloodbath? that was first made available to Patrons who support my work. So for immediate first access to ALL of my analysis and trend forecasts then do consider becoming a Patron by supporting my work for just $5 per month, lock it in now at $5 as this will soon rise to $7 per month for new sign-ups. https://www.patreon.com/Nadeem_Walayat.

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※ Patrons Get FIRST access to all of my In-depth analysis and high probability Trend Forecasts, usually 2 full months before the rest of the world. Notified by Patreon by email as well as posted on this page and I will also send a short message in case the extensive email does not make it to your inbox.

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S&P

Targeting 4600 Mid Summer 2023 Top followed by correction to below 4150 into October 2023.

Again for immediate access to all my work do consider becoming a Patron by supporting my work for just $5 per month. https://www.patreon.com/Nadeem_Walayat lock it in before it rises to $7 per month for new signup's.

And ensure you are subscribed to my ALWAYS FREE newsletter for my next in-depth analysis.

Your trimmed the FOMO to buy the Dip analyst.

By Nadeem Walayat

http://www.marketoracle.co.uk

Copyright © 2005-2023 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

Housing Markets Forecast 2014-2018The Stocks Stealth Bull Market 2013 and Beyond EbookThe Stocks Stealth Bull Market Update 2011 EbookThe Interest Rate Mega-Trend EbookThe Inflation Mega-trend Ebook

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

Nadeem Walayat Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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