Blog Post: Day 9 of $QQQ short term up-trend; $SPY has is likely to close above its critical 30 week average for the third week–end of Stage 4 decline? See chart.

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This weekly chart looks promising as the 30 week average (red solid line) is about to curve up. This is a prime signal for me to begin tiptoeing into the market again. If SPY closes back below the 30 week average I will quickly exit.

 

Blog Post: Day 8 of $QQQ short term up-trend; part of the market is showing signs of strength; see $DIA and $SPY in daily RWB up-trends, leaving $QQQ behind, read my rationale…

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It has been my impression that after a scary market decline, people are more risk adverse and first seek out the big name large cap stocks to invest in. Once they profit from these trades they feel more comfortable buying the more risky growth stocks. This may be why the DIA and SPY are looking much stronger than QQQ. See below the daily adapted GMMA charts for each. DIA and SPY have developed RWB up-trends.

Today, I therefore started to slowly reinvest my university retirement funds in mutual funds that track the SPY. The troubling news about inflation and a possible future recession may already be baked into the market. It is very difficult to stay scared of the same issues for a long time. If I am proved wrong about the market’s trend I will simply exit again–I am a nimble chicken.

Blog Post: Day 7 of $QQQ short term up-trend; 120 US new highs and 246 lows; $STLD retakes green line and hits ATH, see daily chart, also of $TMDX

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$STLD has been holding up well after its GLB (green line break-out) last week. Note how it is tracking its 8 exponential moving average (dotted line). Note the bounce up off of that average on Monday. If I bought it, I would place my stop below Monday’s low or sell if it closes below the green line. $STLD came up in my TC2000 scan of my IBD/MS watchlist for stocks that are near an ATH, have a rising 8 EMA above the 21 EMA for at least 7 consecutive days, and bounced up off of the 8 EMA. Another stock that came up was $TMDX. Others were: PSN, RJF, VMI, GPC, FICO and AIT. Check them out.