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.
