Thursday, October 10, 2024

October Highs Are a 90% Bullish Indicator for 5% Q4 Gains | Ryan Detrick


Bulls smile when new highs are made in October, as the fourth quarter has historically seen gains 90% of the time, averaging a 5% return since 1950.

Ryan Detrick — October 10, 2024. 
 

Extended cash targets into Oct 16-17th are 5844-60 at least and then pullback may be brief and only hit 5800. The uppermost target is 5970-6009. We cannot negate that possibility yet but the later in the month it gets beyond Oct 21st or so the lesser the chances of it happening. NQ 100 looks like it will retest the July high in October which is 20971 on the continuation chart for futures with upper resistance at 21200. First resistance is at 20514 and then at 20771 and then 20800. We are keeping 21230 in our back pocket for later in the month, it seems less likely right away and Megacaps seem rather stretched out although they inched through key highs of the week.