Stock Market Major Top Likely With the Next 4 Sessions While You're Falling Asleep S&P500 CRASH Soon

Summary

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Takeaways

• 😀 Rally expected due to sell-off ahead of PCE inflation data
• 😮 PCE inflation data came in as expected, concerns remain about future increases
• 📉 Fed rate cut expectations scaled back from 7 to 3 for 2024
• 🚨 Market has not adjusted, still pricing in too many cuts too soon
• ⚠️ Warning signs show soft landing is unlikely to happen
• 😱 Same complacency as previous market peaks like 1929 tech bubble
• 🔮 Something major poised to happen, likely with Powell's testimony next week
• 📈 Called October bottom, signals remain bullish but see topping pattern
• 📉 Major trendline resistance on monthly charts, divergence signals on RSI
• 🤔 Either peak now with sell-off, or peak then revisit highs before drop

Q & A

What key trendline is the S&P 500 hitting that could mark a major top?

The S&P 500 is hitting a major monthly trendline connecting the 2000 peak and the 2022 peak. This trendline marks a key level of historical resistance.

What signals is Tom paying attention to that suggest a market top could be forming soon?

Tom is looking at breath indicators, the VIX, yield curve, monthly charts and negative divergences that are all signaling a market top could be forming soon.

What does Tom think the Fed and Powell's testimony could trigger in terms of market direction?

Tom believes Powell and the Fed are likely to trigger a market peak and reversal next week.

Even though Tom sees a market top forming, what does he say about his current market signals?

Tom says his market signals remain bullish currently, but there are clear warning signs a reversal is coming.

What pattern does Tom think the S&P 500 weekly chart is completing that could mark a top?

Tom says the S&P 500 weekly chart is completing a 9-13-9 reversal pattern, which is usually a strong reversal signal.

What key levels might the S&P 500 and NASDAQ revisit if a top forms soon?

Tom thinks the S&P 500 could fall back to the 4200 area and the NASDAQ could retest 14,000 if a major top forms soon.

Why does Tom think there is so much complacency in the market right now?

Tom says many investors have given up on betting on a market downturn due to the market taking its time with a correction.

What parallel trendline is the Dow hitting, similar to the S&P 500 and NASDAQ?

The Dow is hitting a monthly trendline connecting the 2000 peak and the 2022 peak, just like the S&P 500 and NASDAQ.

What key reversal patterns is Tom expecting to play out soon with the market counts?

Tom expects the 13-countdown sell signal to complete soon marking a key reversal, along with back-to-back 9-13 formations in the daily and weekly charts.

Why does Tom say it’s still possible the market sells off first before topping out?

Tom says because the weekly RSI hasn't formed a bearish divergence yet, it's possible the market sells off first then retests prior highs before fully topping.