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This weekly chart shows that QQQ is now above the resistance line from the possible head and shoulders top pattern. The next test is the old all-time high, around 187. I am tiptoeing back into the market in my university pension accounts. The steep December decline dissipated the bullish euphoria and brought fear back into investors’ minds. A lot of people saw for the first time that the market can decline quickly and mercilessly. The market always climbs a wall of worry and “the wall” is back.  And the GMI remains on a Green signal.

This weekly chart shows a developing cup with handle pattern. Nice support at 10 week average (blue dotted line). Watch for a break-out around 89.65 on above average volume.

NMIH had a recent GLB (green line break-out).

It is looking to  me like this brief decline is coming to an end. Many stocks bounced off of support on Friday and moved up on Monday. Look at this daily chart of QQQ. There was a clear bounce off of the lower 15.2 daily Bollinger Band on Friday and a rise on Monday. This pattern was evident in many growth stocks.

TEAM is a good example. A BB bounce followed by a green dot signal. TEAM is holding its recent GLB.

Similar pattern with COUP.