Stock Market Technical Indicators & Analysis
This market reversed again. Thursday is the first day of the new QQQ short term up-trend within a longer term up-trend. Judy’s stock, MAKO, has shined this week. It may be really extended now. Check out its RWB rocket pattern in this weekly chart. Click on chart to enlarge.
The GMI came back from 2 as the market rallied on Wednesday. The QQQ completed the second day of a short term down-trend, but could reverse up again on Thursday, with another advance. IBD continues to call the market in a correction and bearish sentiment is still too low for a major new advance. We might get a better idea of the trend after Friday’s option expiration. Time for me to watch from the sidelines.
Thank you for your patience and many nice inquiries. I have been maintaining my indicators while the site was down, but do not have them with me. The GMI = 2 and the QQQ began a short term down-trend on Tuesday, May 17. I am completely hedged or in cash in my trading accounts. This has been the most tricky market in months. The longer term trends remain up so I remain invested in mutual funds in my university pension. If the short term down-trend in QQQ continues I will nibble at QID. Option expiration is this weekend.
Given the harsh treatment of momentum stocks the past few weeks, I am not willing to place large bets now. I have been worried for weeks that AAPL could not go on to new highs.
By the way, Judy has been talking to me about MAKO for quite a while. She loves the concept.