Intermediate-Term Forecast For Saturday, October 31

  • Setup Status: Cycle high setup occurred this week.
  • Trigger Status: Cycle high trigger occurred this week.
  • Signal Status: Cycle high signal was generated this week.
  • Stop Level: None active.

Intermediate-term Outlook

  • Bullish Scenario: A rebound and weekly close well above the recent long-term high at 3,510 would reconfirm the uptrend from March and forecast additional gains.
  • Bearish Scenario: A weekly close below current levels would predict a return to the 50-week moving average at 3,139.

The bearish scenario is highly likely (>80 probable).

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