Day 1 of new $QQQ short term down-trend, GMI, at 2 (of 6) could turn Red Thursday; 33 US new highs and 176 lows; Be careful

GMI2/6
GMI-23/9
T210834%

Post earnings release period could be deadly. And then there is the dreaded Sell in May and Go Away period. And then the likely debt debacle. I am mainly short or in cash as the GMI weakens. Meanwhile, Wedneday was the first day of the new QQQ short term down-trend. About 40% of new short term down-trends end within 5 days, however. The black dot on the chart signifies an oversold bounce. This week’s close will be very telling.

 

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