Blog Post Day 6 of $QQQ short term up-trend but likely will end on Wednesday; $GOOGL holds its green line and will likely gap up on Wednesday on news.

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When a stock holds up while many other stocks are declining it is telling you something. GOOGL news broke that will likely propel the stock higher tomorrow. GOOGL held its green line through the recent market volatility. Some traders likely knew the news before it came out. A GLB should be held until the stock CLOSES below the green line. On Tuesday GOOGL traded intraday below the green line but closes above it near the day’s high. It has closed above the green line for 6 straight days.

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Blog Post: Day 5 of $QQQ short term up-trend; But $QQQ raisng some serious concerns, see possible Head and Shoulders top pattern in daily chart; Charts of $DIA and $SPY tell quite a different story; But check out $GOOGL’s daily chart.

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While the new $QQQ short term up-trend has reached Day 5, I am concerned by the daily chart. It looks like a possible head and shoulders top pattern is forming. I labeled the head and shoulders. Note also the recent red volume spikes on down days. The key for me will be whether QQQ can climb above the right shoulder, at 578. If it should instead decline towards the neckline, drawn in pink, and then close below it, I think QQQ could retrace to its recent green line top around 540. Note that neither SPY or DIA are showing  similar topping patterns. In fact, $DIA recently had a GLB! (see daily chart)

Note the terrific volume on the day of the breakout. Is it also a cup with handle?

And SPY’s recent rise took it to an ATH!

$GOOGL held up beautifully in Friday’s decline, reaching an ATH and showing relative strength. Note its recent GLB. Must not close back below green line @207.05.

Meanwhile the GMI remains Green and registers 6 (of 6).