Stock Market Technical Indicators & Analysis
The future of the longer term up-trend depends on whether the QQQ can find support again at the 150 day moving average (lower purple dotted line). However, the most recent green dot signal is still operative. I am in cash in my trading accounts and waiting for Mr. Market to tip his hand.
An ominous sign is that the daily RWB up-trend has clearly ended. Will it turn into a BWR down-trend?
This bounce may be for real. I took on some long positions on Thursday. Note that QQQ is about to break above its 30 day average (red line).
When an IPO forms a green line top (does not go through it for a minimum of 3 months) and subsequently breaks through the green line to an all-time high (GLB), it can be the start of a major up-trend. It took a lot of buying interest for SHAK to come back after it fell from 96.75 in 2015 to a low of $30 in 2016. Now it has broken out and merits attention. See this monthly chart. I tweeted this GLB Wednesday intraday (follow me @wishingwealth to get my tweets). A close back below the green line would negate the GLB.
