This market will cool after most earnings are out and we enter the post-earnings lull period. Towards the end of the year we will also have to cope with the Fed. It is noteworthy that we still had over 100 new yearly lows and only 60% gainers on Thursday. The QQQ futures indicate a likely open today way above its top (daily 15.2) BB.
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2nd day of new $QQQ short term up-trend
My GMI sign post to the right may be wrong. The GMI went to a Buy at the close of July 14. The futures (light blue horizontal arrow on chart) suggest that QQQ will open around the top BB today. About 40% of the Nasdaq 100 stocks now have an over-bought stochastics. This bounce has been very rapid, up 4% in 5 days–unsustainable! Remember, the market always falls faster than it rises. A break to new all-time highs followed by a reversal would be a significant sign of a major top. IBD still sees market uptrend under pressure.
