Blog Post; Bloody Fridays typically lead to weak Monday openings, as in October 1987; 43 new highs and 206 new lows; GMI=2 and could turn Red by Monday’s close

GMI2/6
GMI-23/8
T210854%

The weekly chart of QQQ looks very weak. QQQ is back below its declining 30 week average in a Stage IV decline. This pattern could lead to a drop like the one that began last April. I am in cash with a small position in SQQQ. This is not the time to be brave. It is time to conserve capital. Support could be around 339 where the last green line break-out (GLB) occurred after the COVID decline.

The GMI could turn Red and the QQQ short term up-trend could end by Monday’s close.

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