For the Record: I am officially calling a Market Top, on this day, August 2nd, 2024 - AJ Monte CMT

Summary

In this weekly market report, AJ Monty discusses the market's downturn, predicting a 'margin Monday' with selling and a subsequent bounce. He provides specific downside targets for various market indices, including DIA and IWN, and anticipates a gap fill followed by an upturn. Monty also addresses the VIX's potential movements and the broader market implications, hinting at a significant market top and a possible crash. He emphasizes the importance of his five-point trading checklist for forecasting stocks and invites viewers to join Sticky Trade for a free 15-day membership to access trading insights.

Takeaways

• 📈 AJ Monty presented a weekly market report, discussing various stock targets and market forecasts.
• 📉 He highlighted that the markets have taken a hit over the last few days but margin selling has not yet been observed.
• 🔢 Monty predicts a 'margin Monday' with selling and a subsequent bounce, adjusting his downside target for the DIA to 39,218.
• 📊 He anticipates a pivot in the CCI indicator and a potential gap fill, aiming for a target just shy of $400.8.
• 🎯 Monty provided a precise forecast for the IWN, hitting the downside target at 20,858, and expects a further drop to fill a gap before a bounce.
• 📉 He also discussed the QES, noting that despite missing the target by a small margin, the algorithm does not register it as a hit.
• 🚀 Monty shared his bullish long-term outlook on Bitcoin, with a current downside target of $60,500 after closing below a moving average.
• 📊 He provided a detailed analysis of the VIX, expecting it to rise slightly before dropping to fill a gap, with a long-term bullish view.
• 📉 Discussing the overall market, Monty called for a market top, suggesting a potential ABCD pattern forming that could lead to a significant downturn.
• 💡 He emphasized the importance of his five-point trading checklist for forecasting stocks, available for free to members.
• 🚨 Monty made a significant announcement, officially calling a market top based on current patterns and indicators.

Q & A

Who is the speaker of the weekly market report?

The speaker of the weekly market report is AJ Monty.

What date is the report referring to when discussing the final minutes of trading?

The report refers to the final minutes of trading on Friday, August 2nd.

What was the downside target for DIA that AJ Monty mentioned in the report?

The downside target for DIA mentioned by AJ Monty was 39569.

What does AJ Monty predict will happen on 'margin Monday'?

AJ Monty predicts that there will be margin selling, leading to some selling and then a bounce in the market on 'margin Monday'.

What is AJ Monty's revised downside target for DIA after the market close?

AJ Monty's revised downside target for DIA after the market close is 39218.

What does AJ Monty suggest will happen to the CCI after the downside target is reached?

AJ Monty suggests that after the downside target is reached, the pivot will start to form on the CCI, indicating a potential market turnaround.

What was the initial downside target for IWN that AJ Monty had set?

The initial downside target for IWN that AJ Monty had set was 20858.

What is AJ Monty's forecast for the VIX after the gap fills?

AJ Monty's forecast for the VIX is that after the gap fills, it will drop back down, indicating a potential rise in the general markets.

What is AJ Monty's view on the current U.S. debt situation?

AJ Monty views the current U.S. debt situation as unsustainable, with new debt burdening newborns and contributing to a potential market crash.

What trading checklist does AJ Monty offer to his members?

AJ Monty offers a five-point trading checklist to his members, which is also available for free to new subscribers of his 15-day membership.

What is AJ Monty's official call regarding the market top?

AJ Monty officially calls a market top, indicating a topping pattern across all major markets, and he believes this could lead to a significant market downturn.

What is AJ Monty's forecast for Bitcoin's downside target?

AJ Monty's forecast for Bitcoin's downside target is at 60,500, where he expects a gap fill and potential bounce in the long term.

What is the significance of the ABCD pattern mentioned by AJ Monty?

The ABCD pattern mentioned by AJ Monty is a technical analysis pattern that he believes is forming in the market, signaling a potential market top and subsequent downturn.

What is the 'Fed put' that AJ Monty refers to?

The 'Fed put' is a term used to describe the Federal Reserve's tendency to intervene in the market by talking about rate cuts or other easing measures when the market appears to be on the verge of a collapse.

What does AJ Monty suggest about the small business employment growth?

AJ Monty suggests that the small business employment growth is now negative, which he believes is a sign that could push the economy into a recession.

What is AJ Monty's forecast for the S&P 500 index (SPY) after the margin selling is complete?

AJ Monty forecasts that after the margin selling is complete, the S&P 500 index (SPY) will rally back up to 5368.