Blog Post: Day 1 of new $QQQ short term up-trend; 23 new US highs, 433 lows and 6 at ATH; Split market with tech stocks outperforming, but GMI remains Red; Weekly 10:30 chart for $QQQ shows potential longer term turn around, see charts of QQQ and 2 AI related stocks, $MSFT,$NVDA


This weekly 10:30 chart of QQQ shows the 10 week average (dotted line) above the 30 week average (red solid line) and the index weekly close (gray line) is above both averages. Note the higher volume last week. This is the pattern of bottoms. The final evidence for me of a new longer term up-trend will be if the 30 week average should turn up. My accounts are mainly in cash with a very small position in TQQQ (because of Day 1 of the QQQ new short term up-trend) and some QQQ itself. A weekly close below the 30 week average would invalidate the up-trend. Remember, QQQ contains non-financial companies and the absence of banks may be one reason for its better performance. Another reason may be the AI revolution, which could lead to a rise like the one that occurred in the 90s as the internet craze was born. My monthly Kiplinger Retirement Report just came and included a piece discussing 8 AI related stocks, most of whom I would not consider buying because of their long term charts. The only one’s I like are MSFT and NVDA,  but they are not near their ATHs yet, see weekly charts…

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