Stock Market Technical Indicators & Analysis
Here are 14 stocks (of 30) that came up in my new high and good fundamentals scan and had a blue flag, indicating that they appeared on one of my lists of IBD noted stocks.
As seen in their monthly charts, LOPE and GWRE are recent green line break-out stocks, to all-time highs.
Since the GMI gave a buy signal on 2/28, the QQQ has advanced +8.4% the QLD +17.1% and the TQQQ +26.4%. The SPY has advanced +7.7%. If one had purchased the 3X leveraged Nasdaq 100 ETF, TQQQ, at the close on 2/28, one would have done better than all but 7 of the Nasdaq 100 stocks, and all but 11 of the S&P500 stocks. None of the Dow 30 stocks beat TQQQ. So again we see that in a consistent up-trend, buying and holding the leveraged 3X ETF, TQQQ,, was far better and easier than trying to find the rare individual stock that would out-perform it. Are we committed to making money, or to proving that we are smart enough to find the needle in the haystack?
While the trend remains up, I note that the T2108 is becoming extended. This weekly chart of T2108 shows that the market is approaching the area where this indicator tops out–but it can take a while. T2108 measures the percentage of NYSE stocks closing above their average price over the past 40 days. To me, T2108 represents a pendulum of the emotional state of the market, going from one extreme to the other.
Below is a list of 17 of the 30 stocks that came up in my new high and good recent earnings scan that also had a blue flag. A blue flag on the left means the stock appears in one of my lists of stocks that has been highlighted by IBD.
