Stock Market Technical Indicators & Analysis
The GMI remains at 5 and the Nasdaq 100 up-trend continues, now in its 9th day. 
(Click on chart to enlarge.) The key 30 day average (red line) is beginning to curve up, suggesting a major up-trend, also confirmed by the 10 day average (dotted line) rising above the 30 day. I am content to hold the QLD and my covered call positions.
The GMI rose to 5 and the QQQQ is now in its 8th day of an up-trend. There were only 71 new highs in my universe of 4,000 stocks, leaving only the GMI new high indicator negative. Another up day could give us the 100 new highs needed to turn the GMI to the maximum of 6. With the GMI at 5, I am content to own QLD and to hold a number of stocks on which I have written covered calls. The QQQQ is back above its 10 week average, a very positive sign.
The GMI fell to 3 and could go to 2 with a decline on Tuesday. Time to be defensive, not a hero. Only the Nasdaq 100 (QQQQ) is holding up.