Dr. Wish

GMI back to 4; see-saw market but longer term trends remain up

@ 10:39 pm
GMI4/6
GMI-26/9
T210849%

IBD still sees the market in a correction, the GMI is on a Sell signal and the QQQ has completed the second day of its new short term down-trend. BUT, both the QQQ and SPY closed   above their 10 week averages and the QQQ closed above its recent channel again.   Bottom line— time to be extra cautious and see if the market short term up-trend will re-assert itself. A strong day on Monday could signal a new GMI Buy signal and new short term up-trend.

QQQ05082015

This   weekly GMMA chart of the SPY shows it to remain in a strong RWB up-trend. The QQQ and DIA have similar RWB patterns.

SPYGMMA05082015

The GMI is back to 4 (of 6).

GMI05082015

Change in short term trend imminent, IBD sees market correction

@ 9:27 pm
GMI2/6
GMI-22/9
T210842%

Wednesday was the 19th day of the QQQ short term up-trend. That up-trend could end on Thursday and the GMI could signal a Sell with a weak day. IBD now sees the market in a correction. The collapse of the biotech leaders is an ominous sign. In addition there have been more new lows than highs for the past 2 days. Interest rates are rising. The failure of the QQQ to hold its channel break-out (see chart) is also a major sign of weakness. I am largely in cash in my IRA trading account. I have a small position in SQQQ also.

QQQ05062015