Stock Market Technical Indicators & Analysis
QQQ was down on higher volume Monday than Friday and the 30 day average is curving down, a major sign of weakness. QQQ also closed below its 50 day average (green dotted line). Will QQQ find support at its lower Bollinger band (@700) again? We must react and not predict. Wait for Mr. Market to reveal his intention.
The coil is constricting between the upper and lower 15.2 daily Bollinger Bands. Note the several failed blue dot oversold bounces. Which way will QQQ break out? Stay tuned. Earnings season is upon us.
The GMI=3 but the GMI2 of some more sensitive shorter term measures is =7. And QQQ’s Stage 2 longer term up-trend continues with its 10 week average above its rising 30 week average for the 10th week.
This weekend we shall see if this comeback has held. I focus largely on QQQ which reflects tech and growth stocks. SPY has been somewhat stronger recently, only closing below its 10 week average one week, see its weekly chart.
