Stock Market Technical Indicators & Analysis
The massive market rise on Monday puts QQQ above its 30 week average. Now the GMI= 6 (of 6). We need to see if it can hold. In the meantime, look at UBER, which retook its green line and closed at an ATH on above average volume. See daily and weekly charts. Must not close below its green line at 81.86.
As long as the 10 week avg (dotted) is below the 30 wk avg (red) and the 30 wk is sloping down, I need to remain very cautious and on sidelines. The gray line is current weekly close and is trying to retake the 30 wk avg. Can it? Sometimes it does and then craters. $IWM looks the weakest of the 4 indexes.
THE GMI=4 and on a Green signal. It is not where I prefer it to be to be long. It is much more profitable to buy strong growth stocks when the GMI=6.
I will explain the Blue Dot set-up during my presentation to the Boston IBD Meetup on 5/21, registration link to come. I am retiring from teaching at the university. My former extraordinary student, Richard Moglen, and I are planning to offer my course on line in the fall through TraderLion! Stay tuned.
