Blog Post: Day 16 of $QQQ down-trend; 29 US yearly highs and 563 lows, 6 at ATH; IBD calls market in correction; It is still the time to be on the sidelines. When the GMI turns Green it will be worthwhile going long again. Check out the weekly 10:30 chart of $SPY
This weekly 10:30 chart of SPY shows the trend of the market. Until the 10 week average rises above the 30 week average, the down-trend persists. Look at the pattern in 2021. Note the close (gray line) below both averages leading them down.