It's been quite a resounding bounce or two since our last post on August 6, 2024 and on this the final trading day of Quarter-3 (Q-3) of YEAR 2K PLUS TWENTY FOUR we must ask...
Will it be more and more 'GO'?
Will it be more of the 'BULL-ish' move?
Will the major market indices withstand Quarter-4 (Q-4)?
Will the major market indices ascend to the levels we coined and mentioned several years ago or will the major market indices recede from the current levels and not reach the levels we coined and mentioned several years ago?
We have been on some kind of 'BULL-Market' run as the major market indices reached record highs during Quarter-3 (Q-3) with the most recent being the DJIA ascending above 42,000.00 for the first time in September 2024.
Since the start of Quarter-3 (Q-3) in July of 2024 we have seen the major U.S. Stock Market indices ascend to record closes including but not limited to DJIA, S&P 500, and NASDAQ Composite which peaked at record closes on Wednesday, July 10, 2024 well above 18,000.00 at 18,647.45.
To go along with this the Nikkei 225 peaked at an all time high on July 11, 2024 at 42,224.02 however receded below 32,000.00 while shedding a very large 12.41% during the Mad-Monday-Meltdown on August 5, 2024 which was in fact the largest single day loss since October 19, 1987 which is infamously known as Black-Monday. All said the NIkkei 225 has since rebounded and is now once again nearing 40,000.00.
Levels for the major market indices:
At close on September 27, 2024:
DJIA was 42,313.00
S&P 500 was 5,738.17
NASDAQ Composite was 18,119.59
Levels for the major market indices:
At close on August 5, 2024:
DJIA was 38,703.27
S&P 500 was 5,186.33
NASDAQ Composite 16,200.08
It should be noted that the major market indices may in fact have volatility through the end of 2024 and may in fact increase in the next few months with market volatility and more specifically the volatility index (VIX) increasing in the next few months.
Taking all that we have seen during Quarter-3 (Q-3) we very well may be in for some more of the market-magic for the remainder of the year with buying opportunities if there is volatility like we saw during Quarter-3 (Q-3) of 2024.
Where are the major market indices headed as we move into Quarter-4 (Q-4) and further into the year, YEAR 2K PLUS TWENTY FOUR?
Will it be...
Go, Go, and More Go?
-or-
Going! Going!! Gone!!!
Although there's always that inner voice saying to be an optimist with the current market conditions and a continuation of the return to 'BULL-Market' conditions which we saw in Quarter-3 (Q-3) we must factor in a potential major market sell-off and 'CORRECTION'!
Let's take a moment and see where we are with the major market indices and have a look at those levels we have been talking about for the past couple of years and see what it would take for the major market indices to ascend to and reach the lofty aforementioned levels or if you would like to say mature and blossom.
The question you may ask is...
Will this continue?
Well we have to wait and see for at least another couple of seconds, minutes, hours, days, weeks, months, or even years as we are facing economic conditions that can and may change at any moment.
Now, the question remains...
Will we see a continuation of the current 'BULL-Market' or will we see a major 'MARKET-Meltdown' for the major market indices as we move into Quarter-4 (Q-4) of 2024 with instances of high volatility (VIX).
Will the markets reach the 'FANTACY-Numbers' and 'FANTACY-Levels' mentioned late in the third quarter or early in fourth quarter of 2021 or will we see a 'CORRECTION' and a subsequent 'BEAR-Market' with levels of the major market indices not yet reaching what we coined as 'FANTACY-Numbers' and 'FANTACY-Levels' which were not reached in the previous two years however have been getting ever closer since the beginning of this year.
Below are the 'FANTACY-Levels':
-and-
Did we reach?
DJIA 'FANTACY-Level':
42,400.00 (*) Yes, attained (Intraday)
S&P 500 'FANTACY-Level':
5,800.00 No, not yet reached!
NASDAQ Composite 'FANTACY-Level':
18,400.00 (*) Yes, attained in July.
Now, if we see these 'FANTACY-Numbers' and 'FANTACY-Levels' reached that would be an utter and resounding wow or two and wouldn't that be nice or even more and more nice!
We would then need to update these numbers and levels to reflect our future aspirations!
Be well and stay well! All the best..
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