8th day of QQQQ short term down-trend; longer term up-trends intact; RWB: AIRM


The QQQQ completed the 8th day of its short term down-trend on Thursday.   In that period the QQQQ has fallen -4.8%, the SPY by -3.6% and the DIA by -3.5%. These indexes are down even more from their February closing highs (QQQQ – 7.2%, SPY   -4.9% and DIA -4.8%).   Of course, the inverse ETF’s advanced greatly during this period. Since I identified the QQQQ short term down-trend as beginning on March 8,   TYP has increased by +18% and   SQQQ by + 15%. I remain mainly in cash and in some QID in my IRA trading account.   The longer term trends of the QQQQ, SPY and DIA remain in a Stage 2 up-trend.

I was looking at the daily new high list from Thursday and   noticed an incredible cup-with-handle break out formation.   When it announced earnings a few days ago, AIRM broke out of a beautiful pattern to an all-time high on daily volume which was many times its average volume. I will keep an eye on this stock for a possible purchase when the market down-trend ends.

AIRM is also an RWB rocket stock. Click on weekly chart to enlarge.

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