The QQQ failed to hold its critical 30 day average on Thursday. Its short term down-trend remains intact. There is still a divergence between the QQQ and the SPY and DIA. We will know soon which group is leading the market.
Month: April 2014
8th day of $QQQ short term down-trend
Tech stocks, as measured by the QQQ short term, are still lagging. But the GMI is at 5 and on a Buy signal.
IBD says correction over; GMI flashes Buy signal; GLD Stage 2 up-trend over
IBD used to say all up-trends began after a high volume follow-through day, until now. This was a very short and unusual down-turn. However, the QQQ short term down-trend remains in place by my count. Monday was the 7th day of this down-trend. Tech stocks have lagged the large cap stocks. It remains to be seen whether the techs will continue this rise.
Meanwhile, this weekly chart shows that GLD (gold ETF) is now below its 30 week average (red line) indicating the stage 2 up-trend is likely over.