Stock Market Technical Indicators & Analysis
The QQQ short term up-trend will likely end today. I am on the sidelines in my trading accounts, watching the carnage in the growth stocks that have led the market up. Look at this daily chart of the leader, NVDA, as an example. Note the high volume selling as support has failed.
The daily RWB pattern is gone.
But the longer term up-trend in the general market is still intact, as evidenced by the GMI, still at 6 (of 6).
Health care stocks break out. Check out UNH, ANTHM, CI, CNC, WCG…..
With the growth tech stocks getting slammed, I sold out and went to cash. Maybe this is just a short aberration. Or maybe they shoot the leaders before the troops. I will observe safely from the sidelines in my trading accounts until the dust settles. After all, I am a chicken. Anyway you look at this, this daily chart of QQQ shows a huge distribution day.
