Blog Post: Day 13 of $QQQ short term up-trend but GMI turns Red; 57 US new highs and 72 lows; End of quarter bounce still possible; 2 of my indicators suggest a bounce is imminent, see chart


QQQ is up against a rising 15.2 lower daily Bollinger band and my stochastics indicator is very oversold too (not shown). These indicators suggest to me a bounce is imminent. Also, the fact that the QQQ short term up-trend is still intact also leads me to believe  a bounce is coming. Of course, these indicators could fail Tuesday. We are also heading into a pinch of the upper and lower Bollinger bands, suggesting to me a large move is coming. Our job as technicians is to react after a definitive signal has occurred.

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